BSE StAR Mutual fund inks pact with Godavari Urban

Mutual funds distribution platform StAR MF has joined hands with Godavari Urban Multi State Credit Co-Op Society Ltd, Nanded to deepen its network of over 70,000 registered distributors, stock exchange BSE said on Friday.

In order to deepen rural engagement for greater financial inclusion, BSE StAR MF and Godavari Urban Multi State Credit Co-Op Society Ltd, Nanded (GUMCCSL) signed a memorandum of understanding (MoU).

Through this pact, BSE StAR MF aims to promote investment behaviour by spreading awareness and on-boarding new investors among prospective customers in areas, primarily rural, served by GUMCCSL.

In addition, it aims to facilitate cooperation between BSE StAR MF and rural markets in areas such as financial inclusion, investment goals, and wealth creation, the exchange said in a statement.

Further, it will enable both parties to instill collaboration with meaningful outcomes.

Financial Inclusion plays a crucial role to increase awareness about the concept of mutual funds in urban, semi-urban, and rural areas, the exchange noted.

Established in 2013, Godavari Urban Multi State Credit Co-Op Society Ltd, Nanded is an autonomous association of people united voluntarily to meet their mutually social, economical, cultural, professional, and personal aspirations.

Initially, a venture of the middle class; presently GUMCCSL covers a lion’s share in almost Maharashtra, Telangana, Andhra Pradesh, Karnataka, and a modest of Gujarat fulfilling the dreams of the extensive public.

“We are confident that via this MoU, Godavari Urban Multi State Credit Co-Op Society Ltd would strive to leverage its reach and capacity for delivery of a wider range of financial products such as mutual funds and so on,” Sameer Patil, CBO of BSE, said.

According to him, the partnership with BSE StAR MF will ensure that customers will be onboarded through an easy and hassle-free digital process and the efforts are aligned towards a less-paper ecosystem.


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