Mumbai, Feb 17 (IANS): SBI Mutual Fund, in collaboration with State Bank of India (SBI), on Monday launched a new initiative called JanNivesh systematic investment plan (SIP) -- a low-cost investment option with SIPs starting at just Rs 250.

Launched in the presence of Madhabi Puri Buch, Chairperson of SEBI, and Challa Sreenivasulu Setty, SBI Chairman, the initiative aimed at making mutual funds accessible to a wider audience.

It allows individuals to choose from daily, weekly or monthly investment plans which make it easier for people with varying financial capabilities to begin their investment journey.

"As we transition into a new phase of financial inclusion, innovation and inclusivity are essential,” said Setty,

He added that the focus is on developing products, processes and technologies that make inclusivity seamless and effective.

“Through the JanNivesh SIP on SBI YONO app, we aim to empower more customers with innovative investment opportunities besides promoting financial inclusion," Setty stated.

One of the key features of JanNivesh SIP is its digital accessibility. The service will be available on popular digital platforms such as the SBI YONO app, Paytm, Groww, and Zerodha.

This ensures that users can manage their investments through platforms they are already familiar with.

JanNivesh SIP is particularly aimed at first-time investors, individuals in the unorganised sector, and small savers.

It offers a simple and cost-effective way to invest and build wealth. Whether it is for someone living in a rural area with no access to financial advisors or a tech-savvy individual looking for a convenient way to invest, JanNivesh SIP caters to a wide variety of investors.

On September 2, 2024, Buch had said that the day is not far when Indian investors could witness a Rs 250 per month SIP that will make financial inclusion more accessible.

While speaking at a CII event, she said: “The inclusion agenda is of prime importance to SEBI and the introduction of a Rs 250 SIP, by reducing the servicing cost, is a shining example in the direction of making financial products accessible to the common man.”