National Pension System's asset value crosses Rs 1 lakh cr

The assets under management (AUM) of the National Pension System (NPS) have crossed Rs 1 lakh crore, Pension Fund Regulatory and Development Authority (PFRDA) said on Tuesday. AUM is the market value of assets that an investment company manages on behalf of investors.

"Currently, NPS has more than 10 million subscribers," a statement of PFRDA released by the finance ministry said.

It further said PFRDA takes various initiatives from time to time to simplify and improve the operational issues in NPS like new functionality development under NPS architecture, simplification of account opening, withdrawal, and grievance management.

In this regard, recently many new functionalities have been released by the Central Record-Keeping Agency (CRA), including contribution upload for shifted subscribers, one-way switch to provide ease of operation for subscribers, and nodal offices.

Points of Presence (POPs) were previously allowed to upload the regular monthly contribution in the CRA system only for the subscribers pertaining to their associated corporate, it said.

Now, a POP can also upload the contribution for subscribers who have shifted from one of their associated corporate to another associate corporate, it said.

With regard to one-way switch, it said, there was no provision for transfer of funds from Tier-II to Tier-I account at the moment.

"Now, the POP can process a subscriber request to transfer funds from Tier II to Tier I account...no limit (minimum or maximum) on the amount and number of one-way switches that can be requested by a subscriber", it said.