You are here: Home » Current Affairs » News » National
Business Standard

AUM under NPS, Atal Pension Yojana crosses Rs 5 trillion, says PFRDA

The total assets under management of the National Pension System and Atal Pension Yojana have crossed Rs 5 trillion, regulator PFRDA said on Thursday

Topics
PFRDA | NPS | Atal Pension Yojana

Press Trust of India  |  New Delhi 

capex, expenditure, defence, funding, cash, capital, budget, crunch, liquidity, money

The total assets under management of the Pension System and have crossed Rs 5 lakh crore, regulator said on Thursday.

Besides, Pension Fund Regulatory and Development Authority hopes to hit a target of Rs 6 lakh crore AUM by the end of this fiscal.

As on October 10, 2020, the total number of subscribers under the and APY has crossed 3.76 crore, and the asset under management (AUM) has grown to Rs 5,05,424 crore, the pension fund regulator said in a virtual press conference.

"Achieving Rs 5 lakh crore AUM is a major achievement which reflects the subscribers have faith in and We have enabled a robust and unique architecture with efficient systems and professional fund managers, delivering market-based returns enabling our subscriber to accumulate their retirement corpus," Chairman Supratim Bandyopadhyay said.

The subscriber's contributions under the Pension System (NPS) and (APY) have jointly contributed to this landmark figure, over a period of 12 years, PFRDA said.

The growth in subscribers has also been remarkable over the years with 70.40 lakh employees joining the scheme from the government sector and 24.24 lakh from the non-government sector.

During this pandemic, a growing realisation of both corporates and individuals has emerged that retirement planning is not a mere saving or tax benefit choice, witnessed by NPS enrolment - growing almost 14 per cent during this challenging period, he said.

On the level of AUM expected by the end of the current fiscal, Bandyopadhyay said: "We believe, we will be very close to Rs 6 lakh crore AUM (by year-end). But nobody can tell about the market forces...But it (AUM) will be very close to Rs 6 lakh crore, if not Rs 6 lakh crore".

He also said that PFRDA is seeing continuous onboarding of new subscribers even during the current pandemic situation.

Besides, the agency has allowed many sectors to join under its pension fold and operational guidelines have been eased to ensure more people can participate.

The regulator has made continuous efforts to make subscriber registration, exit process and processing other service requests seamless and subscriber friendly, it said.

PFRDA has been regularly introducing new methods of subscriber authentication such as OTP/ eSign based onboarding, offline Aadhaar-based joining, third party onboarding after KYC verification, e-nomination, e-exit for NPS subscribers, among others.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 15 2020. 15:37 IST
RECOMMENDED FOR YOU
.