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PFRDA Logs 23 Pc Growth In Subscriber Base Under NPS, APY Schemes In FY21

The total assets under management (AUM) witnessed a growth of 38 per cent to over Rs 5.78 lakh crore by the end of FY21

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The PFRDA has registered 23 per cent growth in its subscriber base under the flagship NPS and APY schemes to over 4.24 crore by the end of March 31, 2021, the regulator said on Thursday.

Last year was extremely challenging because of COVID-19 restrictions, but still there has been growth of around 23 per cent in the subscriber numbers, Pension Fund Regulatory and Development Authority of India (PFRDA) Chairman Supratim Bandyopadhyay told reporters in a virtual conference.

Of this, there was almost 33 per cent growth in Atal Pension Yojana (APY) subscribers and more than 77 lakh new customers were added, he said.

The APY subscriber base as of March 31, 2021 stood at more than 2.8 crore.

The total assets under management (AUM) witnessed a growth of 38 per cent to over Rs 5.78 lakh crore by the end of FY21, he said.

Bandyopadhyay said under NPS, the growth in numbers for corporate sector has been 16 per cent and for all retail customers it was about 32 per cent during 2020-21.

'The growth in corporate sector could have been even better. In the coporate sector, it requires a lot of physical meetings and such meetings were completely stopped during the year, so that might have caused the number not growing further,' he added.

Despite this, as many as 1,100 new corporates joined the NPS scheme during the fiscal.

'In NPS, we closed the year with almost six lakh new customers and we are planning to add 1 million new customers this fiscal. The six lakh new addition translates to about 11-12 per cent growth in numbers,' he added.

With regard to APY, he said there was a pretty decent growth of almost 33 per cent in FY21.

'We saw more than 7.7 million customers coming through APY (in 2020-21). That also has been a landmark,' Bandyopadhyay added.

He said the subscribers' contribution also went up during year. In the all citizen or retail model of NPS, people are putting in more than Rs 18,000 per contribution. For corporates, it is close to almost Rs 10,000 per person or per contribution, he said.

Regarding returns the pension funds are generating for its subscribers under NPS since its inception in 2009, he said equity schemes have 12.03 per cent returns; corporate bonds 10.02 per cent; and government securities (G-sec) 9.66 per cent.

The funds invested in central and state government schemes have returns of 9.94 per cent and 9.83 per cent, respectively.

National Pension System (NPS) mainly caters to organised sectors, including all government employees in centre and states, while the APY is mainly meant for the employees working in the unorganised sector.