PIONEER EDGE NEWS SERVICE/Dehradun
Uttarakhand Gramin Bank (UGB) and State Bank of India (SBI) signed a memorandum of understanding (MoU) on Thursday to expand the reach of the National Pension System (NPS) and other retirement planning solutions across the State.
A senior UGB officer Krishna Kumar said that the agreement, signed under a Multi Scheme Framework (MSF) distribution agreement, was aimed at making pension and retirement planning products more accessible to people through UGB’s branch network across Uttarakhand.
The UGB chairman Harihar Patnaik and the managing director, pension funds, SBI Pranay Ranjan Dwivedi were present during the signing of the MoU.
Under the partnership, the UGB customers will have access to retirement planning solutions, including the Jeevan Swarna and Akshay Dhara schemes. Kumar said that its extensive branch network would help take these products to more people, particularly in areas where access to financial services and awareness about retirement planning remains limited.
The partnership is also expected to increase awareness about the NPS and encourage people to plan for their financial needs after retirement. He said that the initiative would support greater pension inclusion by bringing retirement-related products closer to customers through its existing banking network.
