Monday, 9 March 2015

PFRDA aims to open 56 lakh Swavalamban Pension accounts through banks and NBFCs in 2014-15

Chairman of Pension Fund Regulatory Development Authority (PFRDA), Hemant G Contractor, has urged banks to propagate growth of pension schemes and set a target of opening 70 accounts per branch, amounting to a total target of 56 lacs Swavalamban accounts for the FY 2014-15. The objective is to partner with banks along with NBFCs and work as aggregators to help achieve old age income security and long-term financial inclusion.

Public Sector Banks, regional rural banks, micro-finance institutions and Non-Banking Financial Companies (NBFCs) with their vast reach and customer base have been registered as aggregators for promotion of Swavalamban scheme. Contractor said, "The Swavalamban scheme has been made an integral part of Pradhan Mantri Jan Dhan Yojana (PMJDY). Bankers should take this scheme in a mission mode and work towards achieving the targets in the stipulated time." Contractor was speaking at a conference of aggregators organized by PFRDA.

"Banks should leverage their existing branch network, customer data base, etc. in the Micro, Small and Medium Enterprises (MSME), and agriculture & rural sector to promote NPS Lite/Swavalamban. Training of Bank officials, capacity building and publicity of the scheme need also to be attended to," added B.S. Bhandari, Member (Economics), PFRDA.

Swavalamban is a government initiative in which the government co-contributes Rs. 1000/- per annum to all eligible Swavalamban pension accounts. So far, more than 35 lakhs subscriber have opened account under this scheme. Currently, only 12% of the working population is covered under formal pension system.


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