NPS Lite accounts cross 11 Lakh mark
In terms of the number of accounts opened, the New Pension System (NPS) – Lite scheme meant for the economically disadvantaged, has left behind its older twin NPS-Main focussed on the organised sector.
NPS-Lite has already passed 11 lakh subscribers in a small time span. As per the latest figures, the NPS-Lite accounts doubled in the financial year 2011-12 from 4.38 lakh accounts during 2010-11 to 4.96 new accounts during FY 2011-12. In addition to this, 1.75 lakh "gramin dak sevak" accounts were opened by the pension sector regulator PFRDA in tie up with the Department of Post, thus taking the total tally of NPS-Lite accounts to 11.09 lakh. Out of the total, over 6.37 lakh accounts were eligible for the "Swavalamban scheme" of the government.
Why is there a difference in the response to NPS and NPS-Lite?
Experts believe that the main reason behind the difference in the response to both the schemes is in the way each is sold. While NPS-Lite is majorly sold through the large non-profit and self help groups, NPS-Main is largely being sold individually.