The assets under management (AUM) of the National Pension System (NPS) will touch Rs 12 lakh crore by March 2024, said Chairman of the Pension Fund Regulatory and Development Authority (PFRDA) Deepak Mohanty on September 1.
"We have already achieved Rs 10 lakh crore AUM in NPS as of August 2023. It took us a total of 2 years and 10 months to reach from Rs 5 lakh crore to Rs 10 lakh crore. I'm hoping that we will reach an NPS AUM of Rs 12 lakh crore by March 2024," Mohanty told media persons in New Delhi.
The total number of corporates registered in NPS has reached 14,027 with a total of 18.13 lakh subscribers. Of this, public sector banks’ employees constitute a major portion with more than 5.20 lakh subscribers, according to the PFRDA data.
"In observance of NPS Diwas this year, PFRDA has planned a month-long sequence of digital media and publicity initiatives. These endeavours are strategically designed to commemorate NPS Diwas and effectively communicate the importance of pension planning to the subscribers," the PFRDA Chairman said.
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While the NPS has witnessed remarkable growth over the years, Mohanty cautioned against unrealistic expectations regarding the pace of AUM expansion.
"66 Central Public Sector Enterprises (CPSEs) have already registered in NPS. Total subscriber base (Corporate +All citizens model) has reached 48.86 lakh with an AUM of around Rs 1.82 lakh crore," a PFRDA statement said.
The National Pension System (NPS) has been implemented for all Government Employees (except armed forces) joining Central Govt. on or after January 1, 2004. Most of the State/UT Governments have also notified the National Pension System (NPS) for their new employees. NPS has been made available to every Indian Citizen from 1st May 2009 on a voluntary basis. Further, from 1st June 2015, the Atal Pension Yojana, has been launched which has given the much-required impetus to the social security schemes.
Tremendous growth in Atal Pension Yojana
Mohanty said that under Atal Pension Yojana (APY) more than 85 percent of subscribers opt for Rs 1,000 as a pension option.
"The scheme saw a tremendous success due to the active participation of 287 APY service providers across categories of Public Sector Banks, Private Sector Banks, Regional Rural Banks, Small Finance Banks, Payment Banks, and Cooperative Banks (Rural & Urban) and Department of Post," he said.
The scheme enrolled more than 1.19 crore new subscribers in FY23 and over 46.07 lakh subscribers in FY24 till date.
According to the PFRDA data, about 55 percent of subscribers under APY were above 25 years and women’s participation in the scheme was 46 percent.
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