New Delhi: Retirement fund body EPFO will provide permanent or universal account numbers (UAN) on the pattern of core banking services to its over five crore active subscribers by October 15 this year. Under core banking services, a customer can avail the bank services in any of its branch through his allotted unique account number. The UAN will facilitate subscribers in avoiding filing of PF transfer claims on changing jobs. “UAN will be allotted to the present active members by October 15, 2014 and thereafter the coverage of other members will be taken up,” the Employees’ Provident Fund Organisation’s (EPFO) action plan for this fiscal stated.
Irda forms working group for simple products in general insurance
New Delhi: Insurance sector regulator Irda has formed a working group to review ‘File & Use’ guidelines to ensure availability of simple products in the general insurance category. The Insurance Regulatory and Development Authority (Irda) said it was required to review the extant guidelines on file and use requirements for general insurance products. “It is felt by the Authority that a review of extant guidelines has to be undertaken to ensure that products are designed, marketed, sold and serviced ensuring that a viable, simple and useful product is available to consumers and is sustainable for insurers,” said a circular issued by Irda.
ICICI Prudential Mutual Fund launches ‘Dividend Yield Equity Fund’
Mumbai: ICICI Prudential Mutual Fund is planning to launch a new open-ended ‘ICICI Prudential Dividend Yield Equity Fund’. The new fund offer will open for subscription on April 25 and close on May 9, 2014, a company release said. As per the fund house, the new scheme aims to provide medium to long-term capital gains and dividend distribution by investing in a well-diversified portfolio of predominantly equity and equity related instruments that offers attractive dividend yield. The fund house also said the scheme will invest mostly in those companies that have dividend yield greater than the dividend yield of CNX Nifty Index at the time of investment.
Mutual fund investors pumped Rs 54,000 crore in FY14, down 30%
New Delhi: Investors pumped in nearly Rs 54,000 crore in various mutual fund schemes in FY14, 30 per cent lower than the amount infused by them in the preceding fiscal. As per the latest data available with Sebi, there was a net inflow of Rs 53,782 crore in FY14 as against over Rs 76,539 crore in the preceding fiscal. At a gross level, mutual funds mobilised over Rs 97.68 lakh crore in FY14, while there were redemptions worth Rs 97.14 lakh crore as well during the period.