PFRDA observes NPS Diwas on today with planned initiatives to increase awareness and pension coverage in India

Total NPS & APY subscribers reaches 460.79 lakh and total AUM ₹ 6,67,786 crore

Total no. of Non-Govt NPS subscribers is about 31 lakh and the AUM is above 1 lakh crore

The Pension Fund Regulatory and Development Authority (PFRDA), along with all its registered intermediaries across the country, observed National Pension System Diwas (NPS Diwas) today. This campaign was dedicated towards ‘Azadi Ka Amrit Mahotsav’ clelebrations and to encourage citizens to join NPS for achieving financial freedom upon retirement through pension as a regular income.

The Pension Regulator carried out a host of activities during the day-long event at its headquarters and was supported by the Point of Presence (distribution channels-Banks, NBFC, Fintech) by orgainising NPS awareness events at their offices and branches. As a mark of their contribution towards this eventful day, State Bank of India enabled NPS enrollments in their YONO Mobile App and Kotak Mahindra Bank likewise in their Mobile Banking App.

PFRDA Chairperson Shri Supratim Bandyopadhyay, speaking on the occasion, said:  “We are very happy to announce the NPS Diwas. This NPS Diwas is coinciding with ‘The Day of Older Persons’. In the journey so far, NPS has seen a 60% jump in NPS onboarding in the first six months of this financial year and our returns (in CAGR) is more than 10% over a period of 12 years. The total corpus has grown to ₹ 6.67 trillion and the total number of subscribers is 4.60 crore as on 25^th September, 2021.”

Delving into the details, he threw his insights spoke about the necessity of having a pension plan and how the NPS meets all requirements of a subscriber with its flexible architecture and advantages.

About PFRDA

Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees joining services wef 1^st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.

National Pension System expansion seeks broader enrollment through coordinated awareness campaigns and digital onboarding across distribution channels. PFRDA observed National Pension System Diwas to increase pension awareness and coverage by coordinating nationwide awareness events through registered intermediaries and distribution channels (banks, NBFCs, fintech) that enabled digital NPS enrolments; the regulator highlighted subscriber growth, expanding corpus and reaffirmed its statutory role in promoting and ensuring orderly growth of the National Pension System and related pension schemes.