Business News | PFRDA Expects 2-3 Crore New NPS Subscribers over Next Two Years
Get latest articles and stories on Business at LatestLY. Pension regulator PFRDA expects 2-3 crore new subscribers to join the National Pension System (NPS) over the next two years following the launch of the UPI-based NPS Tatkal platform, with much of the expansion expected to come from the non-government and informal sectors, Chairperson S Ramann said on Thursday.
New Delhi [India], October 1 (ANI): Pension regulator PFRDA expects 2-3 crore new subscribers to join the National Pension System (NPS) over the next two years following the launch of the UPI-based NPS Tatkal platform, with much of the expansion expected to come from the non-government and informal sectors, Chairperson S Ramann said on Thursday.
He said the simplified digital onboarding system could significantly widen the reach of NPS.
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"We are looking at probably about 2 to 3 crore subscribers coming in the next 2 years," Ramann said, adding that large banks with a sizeable base of savings and Jan Dhan account holders are now integrated with NPS Tatkal.
Under NPS Tatkal, subscribers can open an NPS account through UPI using their existing bank Know Your Customer (KYC) details, reducing the need to enter information again.
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Ramann described it as a "three click account" and said PFRDA expects the platform to bring more people from the informal sector into the pension system.
Ramann said NPS has around 2.3 crore subscribers across the government and non-government sectors, with government subscribers accounting for the majority.
To expand pension coverage beyond major cities, efforts are being made to involve Common Service Centres and explore tie-ups with Primary Agricultural Credit Societies (PACS).
The long-term aim is to expand NPS coverage across India's workforce.
Separately, Department of Financial Services Secretary Sanjay Lohiya said the government wants to make NPS easier to access and broaden retirement planning among citizens.
"NPS is a flagship program of Government of India under which we want to ensure that all our citizens have a retirement planning," Lohiya said, adding that NPS Trust has taken several initiatives to simplify access to the pension system.
NPS Sanchay offers a predefined investment allocation across equities, government bonds and corporate debt for subscribers who may not want to choose their own asset allocation.
Ramann further said a suitability platform to help subscribers understand their risk appetite before investing will be rolled out "very shortly", with a focus on financial education, awareness and literacy. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)