PFRDA Plans UPI-Led NPS Push; Targets ₹100 Lakh Crore Assets Before 2040
Mumbai: The Pension Fund Regulatory and Development Authority (PFRDA) is looking to use India's growing UPI network and banking infrastructure to expand the National Pension System (NPS), with an ambitious target of taking its assets under management (AUM) to ₹100 lakh crore. Addressing senior banking officials, PFRDA Chairman Shri S. Ramann said the regulator wants to make NPS more accessible…
Mumbai: The Pension Fund Regulatory and Development Authority (PFRDA) aims to boost the National Pension System (NPS) by leveraging India's increasing Unified Payments Interface (UPI) network and banking infrastructure. The regulator seeks to achieve a target of ₹100 lakh crore in assets under management (AUM) for NPS by 2040. At a meeting with senior banking officials, PFRDA Chairman Shri S. Ramann highlighted plans to make NPS more accessible using existing digital payment platforms, allowing customers to easily start saving for retirement through a simple digital process.
This approach will enable banks to acquire NPS customers without incurring additional acquisition costs. PFRDA is also collaborating with the National Payments Corporation of India (NPCI) to establish a digital connection between UPI providers and banks, simplifying account opening by leveraging customers' existing information, such as mobile numbers and dates of birth.
The regulator aims to accelerate growth beyond the current ₹18 lakh crore NPS assets by increasing awareness, improving accessibility, and enhancing distribution channels.
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