New Delhi:
Pension Fund Regulatory and Development Authority of India is expected to add around 10-12 lakh new subscribers to its two pension schemes in the current fiscal ending March, newly-appointed Chairman Supratim Bandhopadhyay said on Wednesday. By March-end, the pension fund regulator, which runs Atal Pension Yojana (APY) and National Pension System (NPS), is expected to have nearly 3.48-3.50 crore subscribers on board.
Total number of subscribers under the two schemes were around 3.38 crore as of February 22, 2020.
"By the end of the fiscal if you look at APY, there may be another close to 8-10 lakh additions and another 1-1.5 lakh for NPS. So all taken together, around 10-12 lakh new customers should join our fold by March-end," Bandhopadhyay said.
Total asset under management (AUM) for these 337.63 lakh subscribers stood at Rs 4,21,336 crore as on February 22, 2020, according to the PRFDA data.
Bandhopadhyay, who took charge on February 21, 2020, was the Whole Time Member (Finance) in the PFRDA for two years.
Earlier to this, he was with the Life Insurance Corporation (LIC) for around three-and-a-half decades. He is a science graduate and a qualified Chartered Accountant.
The concept of PFRDA was conceived in 1999 when the then government commissioned a project — OASIS (Old Age Social and Income Security) — to examine the policy related to old age income security in India
The PFRDA Act was passed on September 19, 2013 and was finally notified in February 2014. The body regulates the National Pension Scheme subscribed by government and private employees from organised and unorganised sectors.
The PFRDA consists of a chairperson and not more than six members, three of whom shall be whole-time members and appointed by the central government.