NEW DELHI: The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday announced that asset under management (AUM) under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) has crossed Rs 6 lakh crore, thirteen years after NPS was open for the non-government sector.
According to a press statement issued by the PFRDA, the regulator of NPS and APY, the AUM growth of last Rs 1 lakh crore has been achieved in just 7 months.
As on May 21, 2021, the total number of subscribers under NPS and Atal Pension Yojana has crossed 4.28 crore and the Asset under Management (AUM) has grown to Rs 603,667.02 crore, while NPS subscribers over the years have grown over one crore with 74.10 lakh government staff and 28.37 lakh individuals joining from the non-government sector. APY scheme has 2.82 crore subscribers.
"We feel immensely satisfied at reaching this milestone of Rs 6 lakh crore AUM. In less than seven months we achieved Rs 1 lakh crore as we were at Rs 5 lakh crore in October 2020. The achievement shows the faith subscribers have in NPS and PFRDA. A growing realisation during this pandemic is the priority accorded by individuals to retirement planning, for preserving their financial well being," PFRDA chairman Supratim Bandyopadhyay said.
Both NPS and APY are retirement oriented schemes but have different eligibility criteria to join the scheme. To subscribe to the APY scheme, you should be aged between 18 years and 40 years. For NPS, it is 18- 60 years and both Indian residents and NRIs can apply for the scheme.