The Rise and Fall of US-64 Case
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Case Details:
Case Code : BSTA033
Case Length : 22 Pages
Period : 1963 - 2004
Organization : -
Pub Date : 2004
Teaching Note :Not Available
Countries : India
Industry : Banking
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
The Unit Trust of India (UTI) came into existence on the 1st of February 1964, through the UTI Act, 1963. Unit Scheme 64 (US-64) was launched as per the provisions of the UTI Act. The scheme was a great success and was considered an essential investment by most middle class Indians.
At its peak, the scheme had around 20 million investors. But in the late 1990s, UTI went from crisis to crisis. Government efforts to restore the fund's past glory proved abortive. For the first time in 2001-02, UTI did not offer any dividend to its unit holders. Following a top management reshuffle, the process of winding up US-64 began.
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History
Early History
The origin of Unit Trust of India (UTI) went back to the time of union minister T.T. Krishnammachari, who had seen a news item about the formation of a government-sponsored unit trust in Pakistan. In September 1963, after Krishnammachari took over as the Finance Minister, the government machinery began to move speedily on the Draft Bill to set up UTI1. The Lok Sabha passed the Bill, on 5th December 1963 and the Rajya Sabha, a week later. It received President S.Radhakrishnan's consent on 30th December 1963 and became UTI Act, 19632.
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