Bharat Petroleum Corporation Ltd (BPCL) entered into an agreement with UTI Mutual Fund for providing micro pension initiative through UTI-Retirement Benefit Pension Fund to the short distance commercial vehicles (SDCV) community members of BPCL dealer network.
Members of the SDCV associated with BPCL and Corporation Bank will contribute an amount of as low as Rs 200 every month towards UTI-Retirement Benefit Pension Fund. This initiative aims at providing social security cover for the low-income group during their old age.
BPCL has also tied-up with Corporation Bank to open bank accounts, enable recurring deposit schemes and most importantly to provide micro credit to eligible customers at normal bank rates. This is much lower than rates charged by MFIs which is normally between 10-15% higher than the bank rate of interest.
Besides drivers and helpers, there are many single vehicle owners in this segment who could also benefit from the initiative that offers them avenues for financial inclusion.
BPCL has a strong dealership network comprising around 9,000 Retail Outlets spread across the country out of which approximately 1,000 dealers cater to the needs of the SDCV community. This SDCV community, as the name suggests, is engaged in transportation of goods within short distances mainly on peripheries of cities and towns.
As part of the programme Corporation Bank has also tied-up with LIC to offer micro life insurance policies such as Jeevan Madhur and Jeevan Mangal and United India Insurance to offer affordable health insurance coverage to the target customers of BPCL.
BPCL plans to bring financial inclusion to its customers through its dealer network. Select dealers will function as Business Correspondents of the Bank. All transactions will be through biometric readers which will be available at our Retail Outlets. These readers are especially designed to ensure that integrity of transactions is ensured. All transaction confirmations are not only given as printout but the machines also voice the transactions.
BPCL believes that besides fuelling vehicles, the focus should be to assist Truck drivers to maintain a 100% up-time. For instance, over the last two years, the company has conducted almost 5,000 health events which have been attended by approximately 3,00,000 of these customers. These events are aimed at giving the customers an early warning on any impending health issues. This helps the customer in attending to them before they become serious enough to force absence from work. BPCL has also done nearly 1,000 vehicle health events focused on preventive maintenance of vehicles.
Members of the SDCV associated with BPCL and Corporation Bank will contribute an amount of as low as Rs 200 every month towards UTI-Retirement Benefit Pension Fund. This initiative aims at providing social security cover for the low-income group during their old age.
BPCL has also tied-up with Corporation Bank to open bank accounts, enable recurring deposit schemes and most importantly to provide micro credit to eligible customers at normal bank rates. This is much lower than rates charged by MFIs which is normally between 10-15% higher than the bank rate of interest.
Besides drivers and helpers, there are many single vehicle owners in this segment who could also benefit from the initiative that offers them avenues for financial inclusion.
BPCL has a strong dealership network comprising around 9,000 Retail Outlets spread across the country out of which approximately 1,000 dealers cater to the needs of the SDCV community. This SDCV community, as the name suggests, is engaged in transportation of goods within short distances mainly on peripheries of cities and towns.
As part of the programme Corporation Bank has also tied-up with LIC to offer micro life insurance policies such as Jeevan Madhur and Jeevan Mangal and United India Insurance to offer affordable health insurance coverage to the target customers of BPCL.
BPCL plans to bring financial inclusion to its customers through its dealer network. Select dealers will function as Business Correspondents of the Bank. All transactions will be through biometric readers which will be available at our Retail Outlets. These readers are especially designed to ensure that integrity of transactions is ensured. All transaction confirmations are not only given as printout but the machines also voice the transactions.
BPCL believes that besides fuelling vehicles, the focus should be to assist Truck drivers to maintain a 100% up-time. For instance, over the last two years, the company has conducted almost 5,000 health events which have been attended by approximately 3,00,000 of these customers. These events are aimed at giving the customers an early warning on any impending health issues. This helps the customer in attending to them before they become serious enough to force absence from work. BPCL has also done nearly 1,000 vehicle health events focused on preventive maintenance of vehicles.
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