NPS: PFRDA critiques enlargement and distribution technique of NPS

2024-05-31 19:36:02

The pension business regulator on Friday reviewed methods for enlargement, complete protection and distribution of the Nationwide Pension System or NPS by way of entry factors or PoPs.The Pension Fund Regulatory and Growth Authority (PFRDA) mentioned in a press release that the whole variety of enrolments for NPS in 2023-24 is 940,474.

The report mentioned that almost 63% of the registrations within the voluntary registration phase (UoS-All Residents) had been obtained by way of in depth efforts of PoPs, together with banks, non-bank monetary corporations, inventory brokerages, fintech corporations and pension funds.

“This 12 months, a complete of three,112 companies have registered below the NPS enterprise mannequin, which is the best quantity up to now,” the assertion mentioned.

There are a complete of 55.12 lakh customers within the personal sector of NPS, of which 75% are males. About 65% of the customers are between the ages of 31-50. The information additionally confirmed that non-public banks had enrolled a complete of 227,218 customers in FY2024 and the property below administration or AUM of NPS enterprises was Rs 1,66,729 crore.

PFRDA Chairman Deepak Mohanty appreciated the efforts of PoP, the assertion mentioned, including that numerous approaches envisioned and applied by PoP to make sure broad pension protection had been additionally mentioned through the strategic assessment assembly with the distribution channels.

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