core sector communique

Bihar-UTI BPL scheme for girl child meets with huge success

PPP model leads to long-term savings, financial inclusion

 MUMBAI, February 12, 2011: The Bihar government-promoted 'Mukhya Mantri Kanya Suraksha Yojana' has met with a huge success with the state receiving 9.28 lakh applications from BPL families. Under this scheme, the Bihar government donates Rs 2,000 each on the birth of the first two baby girls in BPL families.

 The Government of Bihar in association with UTI Mutual Fund had launched the Mukhya Mantri Kanya Suraksha Yojana in 2009. The objective of the programme was to ensure the rightful place of pride for a girl child in society, guarantee her safety and security, improve the sex ratio and to encourage registration of birth.

 The monies, instead of directly reaching the beneficiary families, are invested by the Bihar Government in UTI-Children’s Career Balanced Plan-Growth Option. On completion of 18 years, the amount equal to the maturity value will be paid to the girl child. The socio-economic project is a good example of a Public-Private Partnership model, which leads to long-term savings by the BPL families and also financial inclusion of the poorest of the poor in India.

The Bihar government has till date invested Rs 134 crore in this scheme. 

Significantly, the project has brought about a change in the mindset of the poor regarding a girl child. It has also increased the awareness regarding the necessity of registering births. According to Bihar government statistics, the number of births registered in 2007 was 7.15 lakhs vis-à-vis 10.4 lakhs in 2010.

About UTI Mutual Fund

 

UTI Mutual Fund is a SEBI registered mutual fund whose Sponsors are State Bank of India, Punjab National Bank, Bank of   Baroda   and  Life  Insurance  Corporation of  India.

 

UTI Mutual Fund has assets under management (average) of Rs.67619.72 crore and investor accounts of around1 crore under its 80 domestic schemes (as of September 30, 2010).