LIC MF & Standard Chartered Bank to Partner for UPI LIC Mutual Fund Asset Management Company on December 12, 2016, announced its readiness on Unified Payment Interface (UPI) in partnership with Standard Chartered Bank as mode of payment for its investors to invest in its schemes. UPI is a payment mechanism which allows instant money transfer without bank details.
Instead of bank account number and IFSC code, the virtual payment address is used to pay through the UPI.LIC MF & Standard Chartered Bank . UPI platform would help retail investors to participate actively in mutual fund investment opportunities making the transaction experience user-friendly and hassle free. Initially the company will offer the solution only to existing investors through web based online investment channel 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.
♦ Standard Chartered is a British multinational banking and financial services company. It is a universal bank with operations in consumer, corporate and institutional banking, and treasury services.
♦ Founded: 1969
♦ Headquarter: London
♦ Chairman: Sir John Peace
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