PFRDA acknowledges NPS distribution channels' contribution to subscriber enrolment in FY 2023-24
May 31, 2024
New Delhi [India], May 31 : The Pension Fund Regulatory and Development Authority (PFRDA) convened an event at the India Habitat Centre (IHC) in New Delhi, where they assessed the efforts of Point of Presence (POPs) in expanding the National Pension System (NPS) distribution channels for the fiscal year 2024-25.
According to a press release, the gathering also served as a platform to recognize the achievements of POPs during FY 2023-24 in subscriber enrolment initiatives.
Dr Deepak Mohanty, the Chairman of PFRDA, presided over the event and lauded the dedication and commitment exhibited by POPs, which encompassed banks, NBFCs, stockbroking firms, FinTech companies, and pension funds.
He commended their active participation in various campaigns initiated by PFRDA aimed at boosting subscriber enrolments during the latter half of the financial year.
Throughout the fiscal year 2023-24, the total enrolments under NPS reached an impressive figure of 9,40,474.
Approximately 63 per cent of these enrolments in the voluntary segment, specifically under the 'All Citizen' category, were facilitated through the concerted efforts of POPs.
This marked a 8.5 per cent increase in enrolments compared to the previous fiscal year. Moreover, an achievement was recorded with 3,112 corporates registering under the NPS Corporate model, representing the highest number recorded thus far.
The strategy review meeting with the distribution channels delved into the various approaches adopted by POPs to ensure comprehensive pension coverage.
