Thanks to the host of changes by government to promote NPS, the NPS AUM has crossed Rs.5 lakh crore in October 2020. The total subscriber base is now over 3.76 crore as compared to 90 lakh subscribers in FY 2015-16.
PFRDA attributed the growth in NPS assets and subscribers to enrollment of new employees from both private and public sector, online onboarding process and increasing awareness about retirement planning.
Supratim Bandyopadhyay, Chairman, PFRDA, said, “Achieving Rs.5 lakh crore AUM is a major achievement which reflects the subscribers faith in PFRDA and NPS. We have enabled a robust and unique architecture with efficient systems and professional fund managers delivering market based returns enabling our subscriber to accumulate their retirement corpus.”
The regulator highlighted its efforts to make the subscriber registration, the exit process and processing other service requests seamless and subscriber friendly. PFRDA introduced online methods of subscriber authentication such as OTP/ e-sign based onboarding, offline aadhaar-based onboarding, third party onboarding after KYC verification, e-nomination, e-exit for NPS subscribers etc.
