NPS Assets to Reach Rs 15 Lakh Crore by Year End

Mumbai: 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 total subscribers at this moment are more than 8 crore, out of which in NPS there are about 1.6 crore subscribers and the corpus what people are contributing to the pension system is almost Rs 14 lakh crore, and given that situation, our expectation is that by the end of the year, it should Rs 15 lakh crore,” Mohanty said at a press conference to announce the launch of a self-regulatory body to promote the National Pension Scheme. Speaking to reporters Mohanty said, “Just like how the mutual fund industry has the Association of Mutual Funds of India, the banking industry has the Indian Banks Association or the insurance industry has the General Insurance Council and the Life Insurance Council, we are here to launch that the Association of NPS Intermediaries.” ANI includes pension fund managers, points of presence, central record-keeping agencies, trustee banks, custodians, aggregators, annuity service providers, pension agents, retirement advisors, and other industry participants. He informed that PFRDA has urged sponsor banks, particularly Regional Rural Banks, to offer NPS, as they have successfully promoted the Atal Pension Yojana in semi-urban and rural areas.