Pension System Poised for Rs 15-Lakh Crore Milestone with New NPS Association Launch

The assets under management of the National Payment System are projected to reach Rs 15-lakh crore by the fiscal year-end, thanks to new efforts from the Association of NPS Intermediaries. This new body aims to address challenges and promote the NPS as a reliable retirement option.

The National Payment System is on track to achieve Rs 15-lakh crore in assets under management by the fiscal year's conclusion, according to PFRDA Chairman Deepak Mohanty. Speaking at the launch of the Association of NPS Intermediaries, he addressed the media on challenges within the corporate sector's engagement.

This newly formed association consists of pension fund managers and other key players. Its mission is to advocate for NPS as a reliable, tax-efficient retirement solution while ensuring subscriber welfare and collaborating with regulators for improvements.

With over 1.6 crore NPS subscribers and a significant corpus, the challenge remains in raising awareness and engagement, especially among corporate employees. Efforts are underway to expand the intermediary base and leverage digital channels to attract a younger demographic.

(With inputs from agencies.)