Pension Fund Regulatory and Development Authority (PFRDA)
- PFRDA announced crossing the milestone of Rs 6 lakh crore of Assets Under Management (AUM).
- The milestone of Rs 6 lakh crore of AUM has been crossed under the National Pension System (NPS) and Atal Pension Yojana (APY), after 13 years.
- AUM is the total market value of the investments that a person or entity manages on behalf of clients.
- In the calculation of AUM, some financial institutions include bank deposits, mutual funds, and cash.
- AUM fluctuates daily, reflecting the flow of money in and out of a particular fund and the price performance of the assets.
- The AUM growth of the last Rs 1 trillion has been achieved in just 7 months.
- PFRDA has witnessed remarkable growth in NPS subscribers over the years with 74.10 lakh government employees in the scheme and 28.37 lakh individuals joining from the non-government sector.
- The total subscriber base of PFRDA has increased to 4.28 crore.
- It is the statutory authority established by an enactment of the Parliament.
- It aims to regulate, promote, and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.
- NPS was initially notified for central government employees recruits w.e.f. 1st January 2004.
- Subsequently adopted by almost all State Governments for its employees.
- NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporations for its employees.