The number of subscribers from the corporate and retail sectors under the National Pension System (NPS) has crossed 30 lakh on Tuesday. PFRDA President Supratim Bandyopadhyay said that under these the fund is going to reach the landmark of one lakh crore rupees.
There are five categories in the NPS customer base data – Central Government, State Government, Corporate, All Citizen Model and NPS Lite. The ‘all citizen model’ refers to retail customers.
“Public sector people join NPS because they have the mandate to join it; But people in retail have a choice. The Chairman of Pension Fund Regulatory and Development Authority (PFRDA) said that the number of people joining this segment is increasing.
“As of August 14, the non-government sector, which is the corporate and all citizen model, we have seen the total onboarding (of customers) cross 30 lakhs. In this, retail is a big milestone for us.
“Three years ago, our customer base in retail and corporate was around 13-13.5 lakh (March 2018),” he told reporters at a virtual press meet. In three years, the numbers under these two categories have more than doubled, he said.
He said retail customers are serious investors as they stay invested, which is reflected in the amount they contribute.
Bandyopadhyay said, “The total corpus of the corporate and retail segment has crossed ₹97,000 crore. Hence, it is also reaching the historical figure of ₹1 lakh crore.”
The corporate customer base was 11.97 lakh as on August 14, as against 6.96 lakh in March 2018. Customers under the all-civilian model grew to 18.06 lakh from 6.92 lakh three years ago.
Membership under NPS Lite is not allowed with effect from 1st April, 2015 and the number of subscribers under this category is 42.92 lakhs.
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