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Retirement NPS AUM touches Rs.1.70 lakh crore

NPS AUM touches Rs.1.70 lakh crore

The total subscriber base has increased to 1.50 crore.
Rosevina Gonsalves Mar 6, 2017

The AUM of NPS has touched Rs.1.70 lakh crore in January 2017. In addition, the total subscriber base has increased substantially to 1.50 crore, said PRFDA Chairman Hemant Contractor. He was speaking at a conference recently held in Mumbai.

In fact, the latest PFRDA data shows that the AUM of NPS stood at Rs.1.61 lakh crore in December 2016.

AUM of NPS as on December 2016

FY 2016-17 up to 31/12/2016

No. of subscribers

( in Lakhs)

Total Contribution

(In Rs. Crore)

AUM

(In Rs. Crore)

Central Government

17.61

45,300

62,896

State Government

32.31

61,851

78,532

Corporate Sector

5.51

10,889

13,379

Unorganized Sector

2.93

2,000

2,119

NPS Swavalamban

44.42

2,068

2,592

APY

39.11

1,386

1,498

Total

141.90

1,23,494

1,61,016

Source: PFRDA

The total AUM of NPS witnessed a significant growth of over 100% from Rs.80,855 crore in FY 2014-15 to Rs.1.70 lakh crore in January 2017. Similarly, the number of subscribers increased by a whopping 62% in the corresponding period from 87.5 lakhs in FY 2014-15 to 1.50 crore in January 2017 in just 10 months.

Contractor attributed this growth to government push given to NPS. He said, “The continuous efforts of the government to increase pension penetration in the country has proved to be beneficial.”

He further said, “Pension assets contribute to the growth and development of the economy. They provide stability to the capital markets. In addition, they enforce long term discipline and give tax incentives to investors.”

On retirement advisers, he said the pension fund regulator aims to expand the distribution footprint. He urged the IFA community to promote NPS distribution in a big way.

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