23 players to collect pension money

India Post, the agency with the widest reach, has decided against being one of the points of presence (POP) for the new pension scheme.

The agency did not participate in the registration process, which saw 23 financial services players register themselves with the Pension Fund Regulatory & Development Authority On Monday.

Being a government agency, the government had waived the eligibility criteria for India Post, which has often said that it wants to enhance its revenues by distributing products, including financial instruments.

“The registration process is still open. Anyone who comes to us will be registered, provided the eligibility criteria are met,” said PFRDA Chairman D Swarup.

The players which would be able to advise investors, collect funds from them and transfer it to fund managers included State Bank of India and its six subsidiaries, Oriental Bank of Commerce, IDBI Bank, Central Bank of India, Allahabad Bank and Union Bank of India.

Among the private banks, those who have registered included ICICI Bank, Axis Bank, Kotak Mahindra Bank and South Indian Bank, with Citibank being the lone foreign lender.

Other financial services players who have registered included Life Insurance Corporation, UTI Asset Management Company, Reliance Capital, IL&FS, Bajaj Allianz Insurance and CAMS.