The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday announced crossing the milestone of Rs 6 lakh crore of Assets Under Management (AUM) under the National Pension System (NPS) and the Atal Pension Yojana (APY), after 13 years.
The AUM growth of the last Rs 1 lakh crore has been achieved in just 7 months, PFRDA said.
Besides, remarkable growth has been seen in NPS subscribers over the years with 74.10 lakh government employees in the scheme and 28.37 lakh individuals joining from the non-government sector. The total subscriber base of PFRDA has increased to 4.28 crore.”We feel immensely gratified at reaching this milestone of Rs 6 lakh crore AUM, and in less than seven months as we were at Rs 5 lakh crore in October 2020. The achievement shows the faith subscribers have in NPS and PFRDA. A growing realisation during this pandemic is the priority accorded by individuals to retirement planning, for preserving their financial well being,” PFRDA chairman Supratim Bandyopadhyay.
As on May 21, the total number of subscribers under NPS and Atal Pension Yojana has crossed 4.28 crore and the Asset under Management (AUM) has grown to Rs 603,667.02 crore.
PFRDA is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the NPS and pension schemes to which this Act applies. NPS was initially notified for Central government employees w.e.f. 1st January 2004 and subsequently adopted by almost all State governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.