Millennium Post

PFRDA seeks bankers' help to promote pension

Pension fund regulator PFRDA on Tuesday 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 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,' he said.


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