The Asset Under Management under the National Pension System (NPS) has crossed Rs one lakh crore, Pension fund regulator PFRDA said on Tuesday.
“Currently, NPS has more than one crore subscribers with total Asset Under Management (AUM) of more than Rs 1 lakh crore”, a statement of Pension Fund Regulatory and Development Authority (PFRDA) released by the Finance Ministry said.
It further said PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in NPS like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc.
In this regard, recently many new functionalities have been released by the Central Recordkeeping Agency (CRA) including contribution upload for shifted subscribers, one way switch to provide the ease of operation for the benefit of subscribers and nodal offices.
Point of Presence (POPs) were previously allowed to upload the regular monthly contribution in the CRA system only for the subscribers pertaining to their associated corporate, it said.
Now, a POP can also upload the contribution for subscribers who have shifted from one of their associated corporate to another associate corporate, it said.
With regard to one way switch, it said, there is no provision for transfer of funds from Tier-II to Tier-I account at the moment.
“Now, the POP can process a subscriber request to transfer funds from Tier II to Tier I account…there is no limit (minimum or maximum) on the amount and number of one way switches that can be requested by a subscriber”, it said.