UTI (Unit Trust of India) is a statutory public sector investment institution that was set up in February 1964 under the Unit Trust of India Act, 1963. It provides an opportunity for small-savers to invest from their income in areas where their risk is diversified. The investment in UTI has an income-tax rebate and the income from the UTI is exempted from income-tax subject to certain limits. Objectives of UTI:To basic objective of UTI is to mobilize savings of the lower and middle-class people by offering them the triple benefits of safety, liquidity, and profitability of investments. To channelize that pooled savings into productive corporate investment outlets. To give everyone a chance to indirectly own shares and securities in a large number of select companies and enjoy the benefits of prosperity resulting from rapid industrialization in India. Therefore, to provide finance under hire purchase finance and housing finance to its members is not the objective of UTI.