Assets beneath NPS rose to 38% YoY until March 2021: PFRDA

The Pension Fund Regulatory and Development Authority (PFRDA) introduced on Thursday that it has reached a file 424 lakh subscribers beneath the National Pension System (NPS) and Atal Pension Yojana (APY) on the finish of the Financial Year 2020-21. The whole Assets Under Management (AUM) of NPS is ₹5,78,025.40 crores. The progress within the variety of subscribers recorded a exceptional determine for the primary time, this monetary 12 months.

Basis the file, the full pension property beneath administration has proven a Y-o-Y progress of 38%. As of March 2021, greater than 11 lakh company staff and 16.47 lakh non-government subscribers have enrolled in NPS voluntarily.

The pandemic has not impacted the becoming a member of of subscribers compared to the years earlier than Covid 19. An enormous cause stands out as the residents have began realizing the uncertainty of life and the necessity for monetary safety and retirement planning.

Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), stated, “Although final 12 months was fairly difficult due to the Covid-19 pandemic, we’re glad that we might obtain 24% progress in non-government subscribers base and total AUM too grew by 38%. The scheme returns of practically 10% generated by Pension Funds had been praiseworthy. In totality, 6 lakh new non-government subscribers and 1100 new corporates joined the NPS scheme this 12 months, and stay up for including one other 1 million new subscribers in the course of the present fiscal”

In the monetary 12 months 2020-21, PFRDA has launched varied new insurance policies to make the system seamless, from entry to exit in National Pension System. The coverage initiatives embrace the subscribers’ onboarding, the exit course of, the brand new strategies of subscriber authentication corresponding to OTP/ e-Sign based mostly onboarding, Offline Aadhaar-based verification, and third social gathering onboarding after KYC verification, e-nomination, e-exit for NPS Subscribers, penny drop for checking account verification and so forth.

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