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After the Association of Mutual Funds of India (AMFI), an Association of NPS Intermediaries (ANI) was created to regulate the pension sector. This comes at a time when the total subscribers in the pension sector are over 80 million, including 64 million in Atal Pension Yojana, of which there are around 16 million subscribers in NPS, and the corpus of the pension system is of Rs 13.8 lakh. crores. Keeping this in mind, we expect the figure to be Rs 15 lakh crore by the end of the year,” says Deepak Mohanty, chairman, Pension Fund Regulatory and Development Authority (PFRDA).
The ANI is a collective platform that represents all stakeholders in the NPS ecosystem. He is committed to improving the effectiveness of the system, strengthening the well-being of subscribers and collaborating with policy makers to shape the future of retirement planning in India. ANI stakeholders include points of presence (bank and non-bank), central record-keeping agencies, trust banks, custodians, aggregators, annuity service providers, pension agents, retirement advisors and other industry participants. .
The main objectives of the association are:
- Promote NPS as a reliable, flexible and tax-efficient retirement product
- Focus on the well-being of subscribers by ensuring smooth and transparent processes within the system.
- Collaborate with regulators and policymakers to improve the NPS framework and contribute to the development of the pension market in India.
Speaking to the media, Mohanty emphasized the expansion of the NPS industry, driven by growing investor awareness, government initiatives through PFRDA and NPS, and trust and support from a strong network of intermediaries.
He also said that NPS has become the most tax-efficient post-retirement savings product today. To target a younger population, the regulatory body is also collaborating with digital companies and working to make NPS transparent; With the T+O agreement, the infrastructure is already very convenient for the investor. NPS also has systematic withdrawals and provides continuity to your retirement savings and even NRIs can take advantage of this, Mohanty added.
