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Since 1st March, 1999
 
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LOOSE CHANGE

Pension tie-up

Muthoot Finance Ltd has entered into a tie-up with the Pension Fund Regulatory and Development Authority (PFRDA) for a pension scheme. The scheme is open to all Indian citizens, aged between 18 and 60 years. The minimum amount of subscription is Rs 500 per month. This scheme assures a regular monthly pension on attaining the age of 60 and tax benefits up to 10 per cent of individualís salary (basic + DA) under section 80CCD(2) over and above the present limit of Rs 1 lakh.

Mobile money

Vodafone India and ICICI Bank have announced an alliance to launch a mobile money transfer and payment service called m-pesa TM. This offering will enable customers to deposit and withdraw cash from designated outlets, transfer money to any mobile phone in India and make payments for utility bills and recharge mobile and DTH services, among others .

Srei fund

Srei Infrastructure has received the certificate of registration from Sebi for its infrastructure debt fund. Srei plans to raise around $500 million for the fund. The subscription from investors will be via a new fund offer. Minimum subscription is Rs 1 crore and, hence, this fund will focus on large investors.

 
 
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