Saturday, July 31, 2010 10:59 Hrs IST

UTI MF Launches UTI MOBILE

UTI Mutual Fund has launched a new initiative called “UTI Mobile” along with mChek who is the mobile solution partner. UTI Mobile enables an investor to initiate payment instructions for investing in UTI Mutual Fund schemes from a mobile phone. The concept is built on a mechanism of an ECS mandate. A customer would trigger an ECS request from a pre registered bank account through his mobile phone. The debit and settlement process takes place offline.

An investor to avail this facility has to initially fill in the registration form and submit the same to any of UTI Financial Centres or Karvy offices. Post verification of ECS details the investor will receive a confirmation subsequent to which he can trigger payment instructions from his mobile phone.

Mr Jaideep Bhattacharya, Chief Marketing Officer, UTI AMC said, “UTI MF is among the first Mutual Fund to launch this facility for its investors. Currently this platform will allow only buying of UTI MF units. Going forward other transactions will also be included. With close to 600 million mobile users in India this initiative will help in increasing penetration of mutual fund products in India across all sections of society. It is our endeavor to leverage technology and provide investors with an additional medium to invest.”

Commenting on the launch Mr. Suresh Anantpurkar, Vice President (Products), mChek said, “mChek is committed to partnering with innovative industry leaders to enable secure financial services to the mobile platform - we are pleased to work closely with UTI Mutual Fund in ensuring that the security of the mChek platform can be leveraged to extend the footprint of Anytime-Anywhere services users can access on their mobile.”