Moneycontrol
HomeNewsBusinessCompaniesSBI Pension Funds eyes Rs 65,000 crore AUM by end of fiscal
Trending Topics

SBI Pension Funds eyes Rs 65,000 crore AUM by end of fiscal

At present, more than 25,000 branches of SBI group are selling the NPS products as point of presence. All the PoPs get Rs 125 for subscription of every NPS subscriber and hence it's a source of income for the bank too having its branches acting as PoPs.

January 15, 2017 / 13:05 IST
Story continues below Advertisement

The largest pension fund manager (PFM) in the country, SBI Pension Funds is looking at achieving its assets under management to Rs 65,000 crore by the fiscal-end from the AUM at Rs 61,000 crore as on December 31, a top company official said.

"We are looking at achieving our assets under management to Rs 65,000 crore by the fiscal-end from the current AUM level of Rs 61,000 crore," SBI Pension Funds' newly-appointed managing director and chief executive Kumar Sharadindu told PTI here today.

Story continues below Advertisement

At present, more than 25,000 branches of SBI group are selling the NPS products as point of presence. All the PoPs get Rs 125 for subscription of every NPS subscriber and hence it's a source of income for the bank too having its branches acting as PoPs.

"As of now, I'm encouraging the company's promoter State Bank of India to spread the message of National Pension Scheme for private sector people to join," he said adding, "SBI group has got a reach in rural and semi-urban areas, where there are lots of non-salaried people who are not in any formal employment anywhere and hence, small savings at their end can make their lives more comfortable on attaining the age of 60 years." This shall align with government's objective of moving our country towards a stable pension society, he said.