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Informist, Saturday, Dec. 21, 2024

 

--PFRDA head: Target assets under management of INR 15 tln by end of FY25

--Banking secy: Formation of self-regulatory body in pension space reassuring 

--CONTEXT: Banking Secretary Nagaraju's comments at PFRDA press meet

--Axis Bank MD: Need to unify all pension products for ease of regulation 

 

MUMBAI – Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty expects the assets under management of pension schemes to touch INR 15 trillion by the end of the current financial year. As on Dec. 14, the assets under management were INR 13.80 trillion, up 27.3% on year.

 

Out of the total 80 million subscribers of the National Pension System and Atal Pension Yojana, 16 million are NPS subscribers and 64 million are Atal Pension Yojana subscribers. The lack of traction for NPS is due to lack of awareness among the youth, Mohanty said. To bridge this gap, pension funds have set up a self-regulatory body called the Association of NPS Intermediaries.

 

"This association will serve as a vital platform for dialogue, collaboration, and innovation in the NPS ecosystem. It will play a pivotal role in addressing challenges and unlocking opportunities to expand pension coverage in India," M. Nagaraju, the secretary of the Department of Financial Services under the Ministry of Finance, said.

 

Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry, who also attended the event, said there is a need for a common interface for all pension products so that it becomes easy for the regulator as well as the subscribers. He said the subscribers should also have a choice whether they want to invest in NPS or the employee provident fund.

 

On the implementation of the Minimum Assured Pension Plan, Mohanty said their focus is on implementing the unified pension scheme first.  End

 

Reported by Kshipra Petkar and Kabir Sharma

Edited by Ashish Shirke

 

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