India celebrated the first-ever National Pension System Diwas (NPS Diwas) on 1st October 2021 to promote pension and retirement planning for a carefree ‘azad’ retirement.
NPS diwas is a campaign of Pension Fund Regulatory and Development Authority(PFRDA) launched as a part of the “Azadi Ka Amrit Mahotsav”.
Aim:
- To encourage the working professionals and self employed professionals to plan on creating a financial cushion to ensure a financially secured future after retirement.
- To create awareness about pension planning among the general public.
- To cover all eligible citizens under the pension scheme to fulfil the vision of a pensioned society of India.
Background:
The Pension Fund Regulatory and Development Authority(PFRDA) has decided to observe the 1st October 2021 as the “National Pension System Diwas”.
About National Pension System:
i.As of August 2021, the total NPS Subscribers has increased to 4.53 crore from 3.65 crores in August 2020, with a year on year (YoY) increase of 24.06%.
ii.The National Pension System(NPS) was launched on 1st January 2004 with the objective of providing retirement income to all the citizens.
KVGB won 2 national Awards from PFRDA:
i.The Karnataka Vikas Grameena Bank (KVGB) sponsored by Canara Bank has won the 2 awards “APY Big Believers” and “Leadership Capital” from the PFRDA for significant enrollment under Atal Pension Yojana(APY).
ii.P Gopi Krishna, Chairman of KVGB received the awards from Supratim Bandyopadhyay, PFRDA Chairman, at Chennai, Tamil Nadu.
iii.The KVGB has enrolled around 230432 accounts under APY and during 2020-2021, the bank has enrolled 68961 accounts against the target of 38160.
About Pension Fund Regulatory and Development Authority(PFRDA):
PFRDA is a regulatory body under the Ministry of Finance.
PFRDA regulates overall supervision and regulation of pensions in India.
Chairperson- Supratim Bandyopadhyay
Established on 10th October 2003
Headquarters– New Delhi
