NPS subscriber base rises 23% in a year, assets under management also jump
1 min read . Updated: 10 Mar 2023, 03:04 PM IST
PremiumThe number of subscribers under the Atal Pension Yojana (APY) increased by 28 per cent to 4.53 crore
The number of subscribers to various schemes under the National Pension System (NPS) rose to 6.24 crore as on March 4, 2023 from 5.08 crore in March 2022 - a growth of 22.88 percent year-on-year (Y-o-Y), according to data from Pension Fund Regulatory and Development Authority (PFRDA).
The number of subscribers under the Atal Pension Yojana (APY) increased by 28 per cent to 4.53 crore as on March 4, 2023 from 3.52 crore subscribers on a year-on year basis, PFRDA said.
In NPS, the growth was the strongest under the all citizen model where the number of subscribers rose by 32 percent to 28.40 lakh from 23 lakh a year ago. The corporate scheme also saw a strong growth of 20 percent as subscribers went to 16.63 lakh from 13.84 lakh subscribers.
The number of subscribers under the central government scheme stood at 23.86 lakh which compares to 22.76 lakh a year ago, registering a growth of 4.8 per cent.
NPS lite saw a minor drop of 0.25 percent in its subscriber bases in the last one year. The total subscribers under NPS lite as on March 4, 2023 stood at 42 lakh.
The NPS lite was launched in 2010 to provide financial security for economically disadvantaged people. Eligible citizens from the unorganised sector can apply for this scheme.
The total assets under management for NPS and Atal Pension Yojana (APY) also grew at 23 percent during the same period. The strongest growth in assets under management (AUM) was seen under the all citizen and corporate model.
The AUM base under all citizen model grew at 37 percent where as AUM under the corporate model grew at 35 percent respectively. The AUM under state and central government model grew by 22 percent and 19 percent, respectively.