PFRDA likely to add 10-12 lakh new subscribers by fiscal-end: Chairman

Pension Fund Regulatory and Development Authority of India is expected to add around 10-12 lakh new subscribers to its two pension schemes in the current fiscal ending March, newly-appointed Chairman Supratim Bandyopadhyay said on Wednesday.

By March-end, the pension fund regulator, which runs Atal Pension Yojana (APY) and National Pension System (NPS), is expected to have nearly 3.48-3.50 crore subscribers on board.

Total number of subscribers under the two schemes were around 3.38 crore as of February 22, 2020.

"By the end of the fiscal if you look at APY, there may be another close to 8-10 lakh additions and another 1-1.5 lakh for NPS. So all taken together, around 10-12 lakh new customers should join our fold by March-end," Bandyopadhyay said.

Total asset under management (AUM) for these 337.63 lakh subscribers stood at Rs 4,21,336 crore as on February 22, 2020, according to the PRFDA data.

Bandyopadhyay, who took charge on February 21, 2020, was the Whole Time Member (Finance) in the PFRDA for two years.

Earlier to this, he was with the Life Insurance Corporation (LIC) for around three-and-a-half decades. He is a science graduate and a qualified Chartered Accountant.