The pension regulator PFRDA’S Chairman Hemant Contractor clarified that Non-Resident Indians (NRIs) can now invest in National Pension System (NPS) on JULY 22,2015.
- Through this investment NRIs can get a social security cover.
- Through this NPS, it provides a long term solution to their old age income security and saves for their retirement income.
- PFRDA’S Chairman said that NPS scheme will be benefited especially for those NRI’s who living in the Middle-East because they do not have any mandatory social security benefit.
- To grab the potential of NRI’s,Pension Fund Regulatory and Development Authority(PFRDA) is in talks with SBI,CANARA BANK,HDFC BANK,INDIAN BANK and several other south India banks.
- Contractor said that there is some ambiguity about whether to add NPS as eligible investment by NRI.This matter is discussed with RBI and they have given clarification that NPS like mutual fund and insurance could also be eligible investment for NRI’S.
- NPS at present has more than 92 lakhs subscribers with current corpus is Rs 91,000 crore.
- Pension Fund Regulatory and Development Authority (PFRDA) is a pension regulatory authority which was established by Government of India on August 23 2003.
- PFRDA is authorized by Ministry of Finance, Department of Financial Services.
- PFRDA promotes old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related matters.
- Headquarters New Delhi, India and Shri Hemant G Contractor , Chairman