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New Delhi, July 3 The assets under management (AUM) of National Pension System and Atal Pension Yojana surged a whopping 33 per cent year-on-year as of June 30 to touch ₹4.64 lakh-crore.
On the same day last year, the combined AUM stood at ₹3.48 lakh-crore, official data with pension regulator PFRDA showed. As of end March this year, the aggregate AUM of both NPS and APY was at ₹4.17 lakh-crore.
The total subscriber base as of end June 2020 touched a milestone of 3.50 crore, up 22 per cent over 2.87 crore as of end June last year.
Speaking with BusinessLine on the latest data, Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory & Development Authority (PFRDA), said that a major part of the growth is coming from the ‘All Citizen model’ and the Corporates.
“We are encouraged because this 33 per cent overall year-on-year growth has come despite the Covid-19 induced lockdown in April-June this year. The steps taken by our PoPs (fintech focused) to digitise the process is really working well. Corporates are on boarding and individuals are also enthused by the government move to extend tax benefits for investments up to July 31. NPS is slowly coming of age and they are now a distinct investment opportunity available in the kitty of investing public,” Bandyopadhyay said.
He highlighted that a little over year back the PFRDA Board had allowed pension fund managers to undertake Point-of -Presence (PoP) business and four managers out of seven had gone for licences.
“Out of the four, two are now doing exceedingly well. This is also giving us fillip in the entire effort,” he said.
Bandyopadhyay said that traditionally Central and State Government employees’ contribution is significant to the overall growth of NPS. “This year it is changing. In corporate and ‘all citizen model’, there is decent growth,” he said.
He said that various initiatives are being taken for smooth onboarding of new subscribers to NPS from the comfort of their homes. To further facilitate the ease of NPS account opening, PFRDA had recently allowed subscribers to open their NPS account through One Time Password (OTP) also.
In this process, the customers of banks (registered as PoPs), who wish to open NPS Account through Internet banking of the respective banks, can open NPS accounts using OTP received on their registered mobile.
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