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.