PFRDA picks 11th fund manager for NPS

September 26, 2023 09:20 pm | Updated 09:25 pm IST - NEW DELHI

The Pension Fund Regulatory and Development Authority (PFRDA) is in the process of appointing DSP Pension Fund Managers as the 11th fund manager permitted to manage retirement savings under the National Pension System (NPS) and is looking to tap regional rural banks (RRBs) to enhance its reach to citizens across the country.

“We have selected DSP to be included in our list of pension fund managers, creating more choices for our members,” PFRDA chairman Deepak Mohanty told The Hindu. Officials said a certificate of registration has been granted to DSP and a certificate for commencing business is likely to be issued soon.

While the NPS is mandatory for central and state government employees that joined service after 2004, who account for a bulk of the ₹10.22 lakh crore assets under its watch, the PFRDA chief said it is imperative to expand pension coverage in India’s large informal and self-employed sector.

“I have written to the chiefs of nationalised banks which sponsor RRBs in different regions to enable them to tap more private citizens to join the NPS for a secure retirement,” Mr. Mohanty said. Currently, about 31 lakh people have joined the NPS on a voluntary basis, but that number is growing at about 25% a year, he said.

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