Pension regulator expects 35m subscribers by end-March under its umbrella

The Pension Fund Regulatory and Development Authority (PFRDA) of India is expected to add around 1m to 1.2m new subscribers in the current fiscal year ending 31 March to the two pension schemes it oversees, according to the regulator's new chairman, Mr Supratim Bandhopadhyay.

He said that by the end of next month, there is expected to be 34.8m to 35m subscribers to the Atal Pension Yojana (APY) and National Pension System (NPS). The total number of subscribers to the two schemes was around 33.8m as at 22 February 2020, reported Press Trust of India.

APY is a government backed pension scheme targeted at the unorganised labour segment. The NPS is a voluntary defined contribution pension system.

"By the end of the fiscal year, if you look at APY, there may be another close to 800,000-1m additions and another 100,000-150,000 for the NPS. So all taken together, around 1m-1.2m new customers should join our fold by March-end," said Mr Bandhopadhyay who took office as PFRDA chairman on 21 February.

Source: Asia Insurance Review

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