Assets under NPS rose to 38% YoY till March 2021: PFRDA1 min read . Updated: 15 Apr 2021, 06:31 PM IST
- The pandemic has not impacted the joining of subscribers in comparison to the years before Covid 19
The Pension Fund Regulatory and Development Authority (PFRDA) announced on Thursday that it has reached a record 424 lakh subscribers under the National Pension System (NPS) and Atal Pension Yojana (APY) at the end of the Financial Year 2020-21. The total Assets Under Management (AUM) of NPS is ₹5,78,025.40 crores. The growth in the number of subscribers recorded a remarkable figure for the first time, this financial year.
Basis the record, the total pension assets under management has shown a Y-o-Y growth of 38%. As of March 2021, more than 11 lakh corporate employees and 16.47 lakh non-government subscribers have enrolled in NPS voluntarily.
The pandemic has not impacted the joining of subscribers in comparison to the years before Covid 19. A big reason may be the citizens have started realizing the uncertainty of life and the need for financial security and retirement planning.
Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), said, “Although last year was pretty challenging because of the Covid-19 pandemic, we are glad that we could achieve 24% growth in non-government subscribers base and overall AUM too grew by 38%. The scheme returns of nearly 10% generated by Pension Funds were praiseworthy. In totality, 6 lakh new non-government subscribers and 1100 new corporates joined the NPS scheme this year, and look forward to adding another 1 million new subscribers during the current fiscal"
In the financial year 2020-21, PFRDA has introduced various new policies to make the system seamless, from entry to exit in National Pension System. The policy initiatives include the subscribers’ onboarding, the exit process, the new methods of subscriber authentication such as OTP/ e-Sign based onboarding, Offline Aadhaar-based verification, and third party onboarding after KYC verification, e-nomination, e-exit for NPS Subscribers, penny drop for bank account verification etc.
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