PFRDA asks banks to increase enrolments of private subscribers under NPS: Report

The Pension Fund Regulatory and Development Authority (PFRDA) on Friday urged the banks to increase fresh enrolments for National Pension System (NPS) to achieve its ambitious 1.3 million new subscribers target for the private sector this fiscal, reported Business Standard.

“If you look at the private sector component of the NPS, which includes corporates and individuals… we have a target of enroling 1.3 million new subscribers this year. Out of that, we have crossed the halfway mark till now (around 600,000). To shore up these figures, we held this meeting with the banks today, which normally act as point of presence to onboard new subscribers,” PFRDA Chairman Deepak Mohanty was quoted as saying in the report.

He said the decline seen in e-NPS (voluntary accounts) was responsible for the slow pace of enrolments this year, as per the report.

He said the total corpus being managed under the NPS and Atal Pension Yojana has crossed ₹11 trillion and it is likely that the total corpus would cross ₹12 trillion in the current financial year, the report added.

“Usually there is seasonality in the last quarter of the year as well and we are ‘hopeful’ of reaching the target of 1.3 million this year,” he was quoted as saying.