National Pension System (NPS) to observe Service Fortnight from June 27 to July 9, 2016

National Pension System (NPS) to observe Service Fortnight from June 27 to July 9, 2016; Fortnight long campaign aims at awareness creation, service orientation and information dissemination along with subscribers registration.

With a view to create awareness about the National Pension System (NPS) and improve subscriber interface, it has been decided to observe NPS Service Fortnight from June 27 to July 9 ,2016 by all the entities/ functionaries in the NPS value chain such as Points of Presence (POPs), the Central Recordkeeping Agency (CRA) etc. across the country. This fortnight-long campaign is aimed at awareness creation, service orientation and information dissemination along with subscribers registration.

The NPS was made available to persons in the private and unorganized sector since May 2009.Currently, the total number of subscribers under NPS and APY together has reached 12.86 million and AUM is more than 120,000 Cr. There is tremendous potential in the private sector which needs to be tapped.

READ ALSO : The 7th CPC failed to address the task of wage revision in a modern way

Sample surveys conducted by financial analyst and market intelligence agencies have revealed that the NPS is well-designed and least cost pension product with exclusive tax benefits in the market, marketed and distributed by Points of Presence (POPs) which are the interface between the subscribers and the NPS system entrusted with subscriber registration and servicing. So far 72 POPs (comprising of banks, non-bank financial companies, micro finance institutions etc.) have registered over 55,500 branches/ POP service providers in the NPS system for subscribers interface. During the NPS fortnight the POPs are expected to activate and involve all their registered POP-SPs in subscriber acquisition and servicing. Further, the following activities need to be paid special attention by the POPs/ POP service providers during the fortnight:

• Display of NPS publicity material – posters, banners, flyers, brochures etc. in the branches and their distribution to the prospective subscribers.

• Providing Statement of transactions (SOT) to subscribers.

• Updation of subscriber contact details like mobile number, email id, address, date of birth etc. in the PRAN.

• Updation of nominee details in PRAN.

• Collection of pending NPS contributions and unfreezing of accounts.

• Resolution of subscriber grievances and reflecting it on the CGMS.

PFRDA has engaged an agency to impart training to the front desk staff of the POPs and Central/ State Governments Due and Drawing Officers (DDOs) involved in NPS subscribers interface and have sought suitable nominations, at least one person from each POP-SP/ DDO which can be trained by the agency. These training sessions will be conducted at every district headquarter depending upon the number of participants made available by the POPs/ DDOs for the training. About 75,000 officials are planned to be trained in the NPS architecture during the course of the year.

NPS Trust and CRA (NSDL) will also assist and facilitate the POPs service providers for any assistance that they may require in the successful conduct of NPS service fortnight.