March 16, 2021
Most of the ten applicants may get licences in the latest round
The Board of the pension regulator, Pension Fund Regulatory and Development Authority (PFRDA), has given its approval to award licences to pension fund managers under its recently floated Request for proposal (RFP), for selection of sponsors of pension funds for National Pension System (NPS).
It may be recalled that as many as ten applicants, including new ones such as Tata Asset Management Company, DSP Investment Managers (India) Pvt Ltd and Axis Asset Management, had made applications under the new RFP floated by the pension regulator in mid-December last year.
The Insurance Amendment Bill, 2021 was introduced by Finance minister Nirmala Sitharaman. Last week, the Cabinet had given its nod for the same. In her FY22 budget, Sitharaman had proposed increasing the permissible FDI limit in insurance companies to 74% and allowing foreign ownership and control with safeguards.
PFRDA looking to introduce minimum assured return product: Chairman
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Last Updated: Mar 12, 2021, 07:18 PM IST
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Synopsis
The Pension Fund Regulatory and Development Authority (PFRDA) is working on plans to introduce innovative retirement benefit products, such as one providing minimum assured return, to attract more subscribers, its Chairman Supratim Bandyopadhyay said.
Agencies
The Pension Fund Regulatory and Development Authority (PFRDA) is working on plans to introduce innovative retirement benefit products, such as one providing minimum assured return, to attract more subscribers, its Chairman Supratim Bandyopadhyay said. Apart from NPS and Atal Pension Yojana (APY), we propose to have some innovative products to attract more and more customers. The first product that we are targeting is a product which will have a minimum assured return, Bandyopadhyay said. He was speaking at a virtual actuarial conclave organised by the Institute of Actuaries of India.
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IMPS is the instant payment facility offered by the National Payment Corporation of India (NPCI) NPS subscribers can now deposit their contributions under D-Remit via IMPS facility
New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) has said that NPS subscribers can now deposit their contributions under Direct Remittance (D Remit) through the Immediate Payment System (IMPS). Currently, National Pension System (NPS) subscribers can deposit their contributions under D-Remit only by using NEFT and RTGS.
IMPS is the instant payment facility offered by the National Payment Corporation of India (NPCI).
The Pension Fund Regulatory and Development Authority (PFRDA) circular issued on 10 March said, “The functionality of accepting IMPS has been released from 1 March 2021. However, unlike the contributions received through NEFT/RTGS which are returned on the same day in case of a return, the IMPS contributions in case of a return shall be effected