PFRDA Aims To Add 13 Lakh Subscribers To NPS In FY24: Chairman Deepak Mohanty

PFRDA Chairman Deepak Mohanty expressed optimism about increasing individual subscribers to the NPS (National Pension System) to 13 lahks in FY24, compared to the 10 lahks achieved in FY2022-23.

At present, there are 48 lakh individual subscribers in the 'corporate' and 'all citizen model'. The number stood at over 46 lakh at the end of FY23 in March 2023.

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PFRDA chairman Deepak Mohanty on Friday said the body is hopeful of adding 13 lakh individual subscribers to the NPS in FY24, up from the 10 lakh done in FY2022-23.

At present, there are 48 lakh individual subscribers in the 'corporate' and 'all citizen model'. The number stood at over 46 lakh at the end of FY23 in March 2023.

Mohanty said there will be a greater thrust on the 'corporate' segment, wherein companies register their employees as subscribers.

Greater attention to digitalization, which includes faster account opening, is also expected to add more subscribers under the all-citizen model, Mohanty said.

The overall corpus under NPS stood at Rs 9.8 lakh crore as of end-June, Mohanty said, declining to specify an outlook on the same because the corpus depends on factors like market conditions.

Of the overall corpus, Rs 1.8 lakh crore is under equity, he said, adding that a bulk of investments are under the debt side.

The overall number of subscribers under the NPS, including the state and central government employees added as subscribers, stands at 1.3 crore while the same for Atal Pension Yojana stands at 5.2 crore.

There are 85 lakh subscribers from the Central and state governments, Mohanty said, declining to comment on the ongoing concerns on the old pension scheme versus new pension scheme.

Over 1.1 crore subscribers were added under APY in FY23, which is expected to go up to 1.3 crore in FY24, Mohanty said.

One more entity has evinced interest to act as pension fund manager, and is most likely to get added to the list of 10 asset managers soon, Mohanty said.

He said the PFRDA is actively working on introducing a guaranteed returns product in the market, Mohanty said, adding that it is mandated by the law to do so.

He, however, did not give a timeline by when such a product will hit the market.

The fund managers will have to arrange more capital for launching such a product, Mohanty said, adding that there will also be costs to be incurred by the subscribers as the cost of rolling out such a product will have to be borne from the subscriber. 

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