PFRDA seeks bankers
help to
promote pension in country
NEW DELHI: Pension
fund regulator PFRDA today asked bankers to promote pension through various
schemes and advised them to meet the target for selling Swavalamban Scheme
within the stipulated time.
"They (banks) are
best placed for this task with their branch network, human resources and other
capabilities," Pension Fund Regulatory Development Authority (PFRDA)
Chairman Hemant G Contractor said here.
Only 12 per cent of
the working population are covered under formal pension system.
The target of opening of 70 accounts per branch has been allocated to the banks, amounting to a total target of 56 lakh Swavalamban accounts for the 2014-15, he said.
The target of opening of 70 accounts per branch has been allocated to the banks, amounting to a total target of 56 lakh Swavalamban accounts for the 2014-15, he said.
Speaking at a
conference of aggregators organised by PFRDA, he said, the objective is to
focus on progress of Swavalamban accounts opened by public sector
banks/regional rural banks/MFI's and NBFCs working as aggregators to old
age income security with a view to achieving long term financial inclusion
to the target groups.
The Swavalamban scheme
has been made an integral part of Pradhan Mantri Jan Dhan Yojana (PMJDY).
Bankers should take Swavalamban Scheme in a mission mode and work towards
achieving the targets in the stipulated time, he said.
Earlier speaking on
the occasion, Finance Ministry Joint Secretary Anup Wadhawan asked banks to
give impetus to opening of Swavalamban accounts, which is of immense importance
for old age income security and is being monitored by the Government as an
important initiative.
He advised banks to
distribute the targets to State, district, block and sub-service area level and
have a close monitoring on regular basis which will help them to achieve the
target.
Swavalamban is a
Government of India initiative in which the government co-contributes Rs 1,000
per annum to all eligible Swavalamban pension accounts. So far, more than 35
lakhs subscribers have opened accounts under this scheme.
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