The total number of customers connected to NPS as of September 16 is 1.36 crore (except NPS Lite).
The National Pension System (NPS) was launched on January 1, 2004, to provide retirement income to all citizens. Now, according to the NPS chairman Deepak Mohanty, the regulator of NPS, PFRDA (Pension Fund Regulatory and Development Authority) is working towards its expansion. As per the plans, this system will be available at all the bank branches and post offices. Deepak Mohanty confirmed this in an interview with PTI Bhasha.
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He said that the efforts are to increase the reach of pension schemes by making the NPS products easily available to the public. Mohanty said that the PFRDA has roped in Regional Rural Banks (RRBs) and banking correspondents for the distribution of the NPS. It has been done so that people, even in villages and small towns, can easily avail the benefits of the scheme. “We are trying to make the NPS easily available to the people through all bank branches and post offices”, Mohanty said.
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According to official data, the total number of customers connected to NPS as of September 16, was 1.36 crore (except NPS Lite). The number of customers under Atal Pension Yojana is 5 crore. Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the unorganized sector workers.
PFRDA had issued new rules for the National Pension System subscribers in a new notification issued on July 27. In this notification, PFRDA eased the rules for their subscribers. According to the notification, subscribers, now, can choose an annuity plan after opting out of the National Pension Scheme (NPS). It means that the subscriber can leave the scheme without paying any charges and choose any annual plan of their liking.
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They can do this the moment they leave the NPS and will not be charged any fee for the selection of an insurer. The choice of the plan depends on the needs of the subscriber. PFRDA has also helped subscribers in making informed decisions. It has given this task to the nodal officers under Government sectors, Point of Presence, and National Pension System Trust. These three sectors will provide the necessary guidance to the subscribers.
