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Informist, Thursday, Oct. 1, 2026

 

--PFRDA head: National Pension System can achieve scale by going digital 

--PFRDA head: Expect millions of pension subscription via NPS tatkal 

--PFRDA head: See 20-30 mln pension subscription via NPS Tatkal in 2-3 yrs 

--PFRDA head: Expect NPS Tatkal to bring informal sector under pension cover 

--PFRDA head: Some states contributing to NPS after pulling out

 

NEW DELHI - The Pension Fund Regulatory and Development Authority's new 'NPS Tatkal' portal is likely to attract 20 million to 30 million new subscribers to the National Pension System in the next two to three years, Chairperson S. Ramann said. "We can even see 40 million new subscribers to the National Pension System through NPS Tatkal," Ramann said at an event celebrating NPS Diwas. 

 

PFRDA launched the 'NPS Tatkal' portal last month, which will help onboard new NPS subscribers through UPI, beginning with NPCI's BHIM UPI application. So far, five banks have joined the plan – State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and IDFC FIRST Bank. 

 

Earlier, one could not directly enrol in the NPS or open a new NPS account through the BHIM UPI application, but could make subsequent contributions through it. To formally join the NPS, subscribers had to first register online or offline to obtain a Permanent Retirement Account Number. With this unique account number, or registered mobile number, subscribers can make subsequent NPS investments directly through the BHIM app.

 

According to Ramann, NPS Tatkal will help to primarily bring the non-government sector and the informal sector under NPS, which has been the focus area for the regulator over the last few years. Joining NPS through UPI under the scheme will also help take pension to tier-II and tier-III cities, he added. 

 

The government introduced the defined-contribution National Pension System on Jan. 1, 2004, replacing the defined-benefit old pension scheme. Under the NPS, individuals make regular contributions during their working years, with their retirement corpus invested in market-linked instruments. The accumulated corpus is used to provide retirement benefits, including through the purchase of an annuity, subject to applicable laws.

 

The NPS is mandatory for central government employees, while others may join voluntarily.

 

Speaking about the Old Pension Scheme, Ramann said that a few states that pulled out of NPS and rejoined the old pension scheme were still making contributions under NPS. He did not name the states that went to the old pension scheme but were still contributing to the NPS.  End

 

Reported by Priyasmita Dutta and Sagar Sen

Edited by Avishek Dutta

 

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