A roundtable strategy meet of Non-Bank Points of Presence (POPs) was held here day before yesterday to discuss NPS penetration in private sector. In his keynote address, Shri R. V. Verma, WTM (F) deliberated on the critical role of the POPs in the NPS architecture in soliciting and offering NPS to the individuals. He further said that POPs can play a vital role in on-boarding corporates in the NPS system and facilitating private sector employees in opting for NPS. Dr. B S Bhandari, WTM (Eco) in his address informed about the present status of subscribers and Asset under Management (AUM). He emphasised that NPS being a low cost product, it has a vast potential in the private sector and the POPs should strategize to tap this huge opportunity. He also advised POPs to tap the potential which has been created due to the availability of exclusive tax benefits on investment of ₹ 50000/- in NPS.

Some suggestions came from the POPs including offering online facility of account opening and tax exemption on par with other pension products etc.

While summing-up, it was informed to the POPs that PFRDA would look into the suggestions of the POPs and action would be taken in the best interest of the subscribers.

The Meet was attended by the sizeable number of POPs who shared their strategies for taking the NPS forward and increasing the number of subscribers. They also shared their feedback and suggestions on policy as well as operational aspects for making NPS more attractive for the subscribers.

Exclusive tax benefits on NPS investments drive POPs to boost private sector onboarding and enable online account facilities. A roundtable directed POPs to expand NPS penetration in the private sector by leveraging their solicitation and onboarding role, targeting corporate and private employees, and exploiting exclusive tax benefits on NPS investments. POPs proposed operational enhancements such as online account opening and parity in tax treatment with other pension products. The regulator committed to review suggestions and take subsequent measures to increase subscribers and make NPS more attractive.