BSE StAR MF signs MoU with GUMCCSL to deepen rural engagement for greater financial inclusion

BSE StAR MF aims to promote investment behaviour by spreading awareness and onboarding new investors among prospective customers in areas, primarily rural, served by GUMCCSL.

Jun 07, 2021 02:06 IST India Infoline News Service

BSE-led mutual funds distributor platform, BSE StAR MF, has signed a Memorandum of Understanding (MoU) with Godavari Urban Multi State Credit Co-Op Society Ltd., Nanded (GUMCCSL) to deepen its network of over 70,000 registered distributors.

Sameer Patil, CBO of BSE said “We are confident that via this MoU, Godavari Urban Multi-State Co-Op Society Ltd. would strive to leverage its reach and capacity for delivery of a wider range of financial products such as mutual funds and so on. This partnership with BSE StAR MF will ensure that customers will be onboarded through an easy and hassle-free digital process and the efforts are aligned towards a less-paper ecosystem.”

As per the regulatory filing, the MoU aims to facilitate cooperation between BSE StAR MF and rural markets in areas such as financial inclusion, investment goals, and wealth creation. The MoU will enable both parties to instil collaboration with meaningful outcomes. Financial Inclusion plays a crucial role to increase awareness about the concept of mutual fund in urban, semi-urban and rural areas.

Initially, a venture of the middle class; presently GUMCCSL covers a Lion’s share in almost Maharashtra, Telangana, Andhra Pradesh, Karnataka and a modest of Gujarat; fulfilling the dreams of the extensive public. Through this MoU, BSE StAR MF aims to promote investment behaviour by spreading awareness and onboarding new investors among prospective customers in areas, primarily rural, served by GUMCCSL.

At around 2.53 pm, BSE was trading at Rs930.20 per piece up by 0.2% on NSE. 

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