How AI and digitalisation can make India's pension schemes more accessible and efficient
2 months, 2 weeks ago

How AI and digitalisation can make India's pension schemes more accessible and efficient

Live Mint  

India’s pension sector has historically been limited in scope, with coverage predominantly available to government employees and a small fraction of the private-sector workforce. These barriers were particularly significant for India’s rural population, which struggled to access pension schemes due to limited infrastructure and awareness. AI tools like machine learning can analyse how individuals interact with pension systems, helping develop targeted, personalised pension schemes and delivery mechanisms. In addition to improving the efficiency and security of pension systems, fraud detection and risk management, AI has the potential to offer personalised retirement solutions. While there are challenges related to coverage, expansion, cybersecurity, and digital literacy, the ongoing adoption of digital tools and AI in the pension sector promises to create a more inclusive and future-ready system, making the youth of this country understand that pension is not something only meant for senior citizens to think.

India Population Financial Pension Digital Senior Citizens Digital Literacy Sector Ai Schemes System Systems Digitalisation Pension Schemes Pension Systems Pension Coverage  systems  efficient  schemes  system  pension  indias  india  financial  ai  sector  accessible  digitalisation  digital  population

History of this topic

Laying the digital path to a developed India
4 weeks ago

Laying the digital path to a developed India

Hindustan Times  

In Baramati, Maharashtra, a small farmer is rewriting the rules of agriculture with Artificial Intelligence. Building AI — compute, data, and innovation: Semiconductors and electronics form the backbone, while DPI serves as the driving force propelling India’s tech revolution. The government is facilitating the development of India’s own foundational models, including Large Language Models and problem-specific AI solutions tailored to …

India to get Universal Pension Scheme: What is it and who will benefit?
Trending News
1 month ago

India to get Universal Pension Scheme: What is it and who will benefit?

Firstpost  

The government is working on a Universal Pension Scheme that will allow people to contribute voluntarily and receive pension benefits after retirement. The government is now developing a Universal Pension Scheme, which will allow individuals to make voluntary contributions and receive pension benefits upon retirement. The government is developing a universal pension scheme that will be accessible to all citizens, …

Economic Survey 2024-25: One thing India needs to avoid a Greece and Italy-like pension crisis
2 months ago

Economic Survey 2024-25: One thing India needs to avoid a Greece and Italy-like pension crisis

Firstpost  

When it comes to pension schemes, the survey said, the traditional “Pay-As-You-Go” schemes do not ensure that funding from the younger workforce that pays pensions to retirees changes with a change in demography The Economic Survey 2024-25 tabled by Finance Minister Nirmala Sitharaman in Lok Sabha on Friday warned that India needs to steer clear of entering a pension crisis …

Securing India’s retirement future: Deepak Mohanty’s vision for the National Pension System
2 months, 2 weeks ago

Securing India’s retirement future: Deepak Mohanty’s vision for the National Pension System

Live Mint  

The National Pension System introduced in 2004 for government employees has since been extended to others but adoption has been slower than desired, said Deepak Mohanty, chairperson of the Pension Fund Regulatory and Development Authority, at the 17th edition of the Mint BFSI Summit and Awards on Friday. Underscoring a pressing need for greater pension coverage given India’s rapidly ageing …

NPS Assets To Reach Rs 15 Lakh Crore By End Of Fiscal Year: PFRDA Chairman
3 months, 1 week ago

NPS Assets To Reach Rs 15 Lakh Crore By End Of Fiscal Year: PFRDA Chairman

ABP News  

The assets under management of the National Pension System are projected to reach Rs 15 lakh crore by the end of the current fiscal year, according to Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty. The newly formed association includes pension fund managers, points of presence, central record-keeping agencies, trustee banks, custodians, aggregators, annuity service providers, pension agents, retirement …

The digital frontier of inequality
3 months, 2 weeks ago

The digital frontier of inequality

The Hindu  

India stands at a pivotal moment in its digital revolution, underpinned by an internationally recognised model of digital public infrastructure. In response, the Union Ministry of Women and Child Development, Government of India, recently launched ‘Ab Koi Bahana Nahi ’, a national campaign aligned with the global ‘16 Days of Activism Against Gender-Based Violence’. Already constrained by societal norms, many …

Kerala reports encouraging growth in National Pension System adoption
4 months ago

Kerala reports encouraging growth in National Pension System adoption

New Indian Express  

KOCHI: Kerala has emerged as a frontrunner in the adoption of the National Pension System. According to statistics released by the Pension Fund Regulatory and Development Authority, the state has shown impressive growth in NPS adoption, particularly among corporate subscribers under the age of 30. As of November 2024, the total Assets Under Management for NPS and the Atal Pension …

National Pension System and Atal Pension Yojana corpus surpasses Rs 12.3 Lakh Crore, targets Rs 15 Lakh crore this fiscal
9 months, 2 weeks ago

National Pension System and Atal Pension Yojana corpus surpasses Rs 12.3 Lakh Crore, targets Rs 15 Lakh crore this fiscal

New Indian Express  

CHENNAI: The Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty on Friday said the total corpus under the National Pension System and Atal Pension Yojana has crossed Rs 12.3 lakh crore as of now and a target has been set at Rs 15 lakh crore this fiscal year. Addressing reporters here, Mohanty said the government employees covered under the …

India excels in AI, but lags in adopting basic broadband and internet
1 year, 1 month ago

India excels in AI, but lags in adopting basic broadband and internet

New Indian Express  

As Gartner’s Hype Cycle would suggest, many of these technologies are in the innovation trigger phase and are likely to be adopted only by innovators in the country. India’s progress in digital payment India has made remarkable progress on the use of digital payments, especially in the public sector. Data from the World Bank’s Findex Survey shows that digitally delivered …

India urgently requires universal pension plan, say senior citizens
1 year, 2 months ago

India urgently requires universal pension plan, say senior citizens

The Hindu  

In the absence of a social security scheme, India should urgently introduce a universal pension scheme to ensure economic security for its retired and elderly population. Stagnant pension sum According to Mr. Gangadhar, the government of India runs Indira Gandhi National Old Age Pension Scheme, and pays ₹2,000 per month to citizens above the age of 60 who are Below …

The Old Pension Scheme wildfire must be stopped before it’s too late
1 year, 4 months ago

The Old Pension Scheme wildfire must be stopped before it’s too late

Live Mint  

The political battle between protecting the National Pension System and going back to the Old Pension Scheme is heating up, thanks to the various state elections just started. Public opinion and voter passion is being stirred by presenting the OPS as ‘pro-people’ and NPS as ‘anti-people.’ Meme creators and slogan writers are busy making graphic and emotive campaigns. OPS guarantees …

Why we need to debate the Old Pension Scheme
1 year, 11 months ago

Why we need to debate the Old Pension Scheme

The Hindu  

What is the fiscal space for the Old Pension Scheme? The OPS guarantees government employees 50% of their final drawn pay plus Dearness Allowance as a post-retirement income for life, and 50% of that pension to any qualifying dependent family members in the event of death of that employee. There continue to be concerns that the OPS would soon become …

India’s digital public infrastructure, catching the next wave
2 years ago

India’s digital public infrastructure, catching the next wave

The Hindu  

India’s digital public infrastructure, loosely the India Stack and more, is a marvel of our times, shaped in a unique partnership between governments, regulators, the private sector, selfless volunteers, startups, and academia/think tanks. Engendering sustained collective action at scale between so many disparate entities itself is magical and the outcomes are India’s answer to Web 3, perhaps even superior in …

Digital India: How the six-year-old mission has taken a largely offline nation online
3 years, 9 months ago

Digital India: How the six-year-old mission has taken a largely offline nation online

Firstpost  

Digital India is a Rs 1,13,000-crore flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy Digital India, a flagship initiative that was launched with a vision to transform India into a digitally empowered society and knowledge economy, has completed six years of its journey since its launch on …

The Hindu Explains | Why is the government tweaking the National Pension System?
3 years, 11 months ago

The Hindu Explains | Why is the government tweaking the National Pension System?

The Hindu  

The story so far: Started as the New Pension Scheme for government employees in 2004 under a new regulator called the Pension Fund Regulatory and Development Authority, the National Pension System has been open for individuals from all walks of life to participate and build a retirement nest-egg. To avoid forcing people into such an unattractive investment, the regulator has …

Good news for National Pension System and Atal Pension Yojana subscribers: PFRDA to begin e-KYC services
4 years, 1 month ago

Good news for National Pension System and Atal Pension Yojana subscribers: PFRDA to begin e-KYC services

India TV News  

The Pension Fund Regulatory and Development Authority will soon begin undertaking e-KYC services for National Pension System and Atal Pension Yojana subscribers. National Pension System and Atal Pension Yojana are the two flagship schemes of the PFRDA. PFRDA said it has enabled various digital enablers such as OTP-based authentication, paperless on-boarding, e-sign-based authentication, video customer identification to facilitate remote on-boarding, …

7 benefits of National Pension System
4 years, 9 months ago

7 benefits of National Pension System

India Today  

The Central Government has introduced the National Pension System with effect from January 01, 2004. Pension Fund Regulatory and Development Authority, the regulatory body for NPS, has appointed NSDL as Central Recordkeeping Agency for National Pension System. National Pension System, Regulated By PFRDA, is an important milestone in the development of a sustainable and efficient voluntary defined contribution pension system …

Now Overseas Citizens of India can also subscribe to National Pension System: Govt
5 years, 5 months ago

Now Overseas Citizens of India can also subscribe to National Pension System: Govt

Firstpost  

New Delhi: Overseas Citizens of India will now be eligible to apply for the National Pension System at par with NRIs, the government said on Wednesday. Pension Fund Regulatory and Development Authority has now permitted Overseas Citizen of India to enroll in NPS at par with Non-Resident Indians vide circular dated 29 October, 2019, the Finance Ministry said in a …

India should move from protectionist to forward-leaning data policies to spur investment
6 years, 5 months ago

India should move from protectionist to forward-leaning data policies to spur investment

Hindustan Times  

India has the potential to be the next major economy for leadership in technology and innovation. The Modi government has rightly prioritised technology in the Indian economy through the Digital India initiative, and the tech industry supports many aspects of the programme The Modi government has rightly prioritised technology in the Indian economy through the Digital India initiative, and the …

Digital India: How India's vibrant economy can lead the world with disruptive innovation
6 years, 6 months ago

Digital India: How India's vibrant economy can lead the world with disruptive innovation

Firstpost  

Digital India has been a frontrunner in India’s marathon towards a digitally empowered society and there is a visible change in people’s mindset The Digital Revolution is reworking the world order and creating a new set of winners and losers. In India itself, the software industry - built predominantly by first generation entrepreneurs, contributes to 8 percent of India’s gross …

Pension fund regulator PFRDA hikes incentives for distributors to promote NPS
7 years, 5 months ago

Pension fund regulator PFRDA hikes incentives for distributors to promote NPS

Live Mint  

To expand pension coverage in the country, financial institutions and post office branches will be paid better for enrolling people in pension schemes, the finance ministry said on Friday. The Pension Fund Regulatory and Development Authority has increased the incentives payable to points of presence, the principal distributive points for the National Pension System, the ministry said in a statement. …

UIDAI claims that 1.05 billion Aadhar cards have been issued so far, 20 crore Indians still to enroll
8 years, 6 months ago

UIDAI claims that 1.05 billion Aadhar cards have been issued so far, 20 crore Indians still to enroll

Firstpost  

With 1.05 billion Aadhar biometric ID cards issued till date, the government and regulator are ahead of the curve in the use of IT to set up a national digital payments infrastructure, a senior official has said. “With the Aadhar Act passed by parliament, being notified earlier this month, the challenge now is of enrolling the remaining 20 crore people, …

Digital India programme to offer passport, pensions online: Prasad
8 years, 10 months ago

Digital India programme to offer passport, pensions online: Prasad

India TV News  

New Delhi: Government is implementing the Digital India programme to transform the country into a digitally empowered and knowledge economy so that various services like passport, pension and driving licenses could be delivered online, Lok Sabha was informed Wednesday. Telecom and IT Minister Ravi Shankar Prasad said one of the primary focus areas of Digital India is Pillar 5: eKranti …

Big boost for Digital India: India Inc commits Rs 4.5 lakh cr, to create 18 lakh jobs
9 years, 9 months ago

Big boost for Digital India: India Inc commits Rs 4.5 lakh cr, to create 18 lakh jobs

Firstpost  

Prime Minister Narendra Modi on Wednesday launched the “Digital India Week” as part of the larger initiative to empower the people and extend services better with the use of information technology and its tools. The prime minister calculated Rs 4.5 lakh crore investment has been committed for Digital India and employment for 18 lakh people. We at Reliance will invest …

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