LIC Mutual Fund rolls out UPI mode of payment for investment

NEW DELHI: LIC Mutual Fund Asset Management Company (LICMFAMC) has announced its readiness on Unified Payment Interface (UPI) as mode of payment for its investors to invest in LIC Mutual Fund schemes.

This initiative will not only transform into an electronic payment process but also deliver operational ease and benefits. It will further lend a hand to the investors in leveraging the UPI platform in terms of interoperability and real- time money transfer making the transaction experience user- friendly and hassle free.

Speaking on this initiative, Sarojini Dikhale, CEO of LIC Mutual Fund Asset Management Ltd. said “ We are delighted to announce our readiness on UPI platform in partnership with one of the leading and forward looking bank; The Standard Chartered Bank. This will enable our Investors to invest in our schemes with more ease with this new platform. We are very excited with this offering which is not only Industry first but also in line with our strategic vision towards Digital Transformation.”

Adding to the development, Prashant Thakkar, Chief Technology Officer & Head – Strategy , asserts , “ UPI will open up a new avenue of transacting for Mutual Fund Investors and we are keen to harness the opportunities it offers to build and deliver more progressive solutions around it to our investors. To start with, we will offer this solution to our existing investors through our web based Online investment channel ( www.licmf.com ) for lump-sum Purchase, which will soon be extended for SIP purchase as well, for existing, new and first time investors in LIC Mutual Fund. In the next stage, we will have a complete integration with mobile app based solutions.”

Through UPI, LIC MF will be able to reach out to the young millennial and facilitate them to start investing in the early stage of life. It will further facilitate to break in to a wider mobile penetration reaching out to the tier 2, 3 and 4 towns of India, which have a huge investment potential.