Aided by a strong show by the non-government sector, the National Pension System’s (NPS) assets under management (AUM), including the corpus on the Atal Pension Yojana (APY), grew 25 per cent y-o-y to touch ₹10.23 lakh crore as of October 28, official PFRDA data showed.
On October 29, last year, the NPS assets under management stood at ₹8.17 lakh crore.
However, the overall growth tempo in AUM as of October 28 slowed a bit when compared to the 27 percent y-o-y growth recorded as of October 3, when overall AUM stood at ₹ 10.21-lakh crore.
The total number of NPS and APY subscribers as of October 28 stood at 6.81 crore, up 17 per cent over 5.82 crore subscribers as of October 27 last year.
The overall AUM of NPS and APY crossed the ₹10-lakh crore milestone on August 25 this year. In March of this year, NPS AUM stood at ₹8.98 lakh crore.
The Pension Fund Regulatory and Development Authority (PFRDA) is confident that NPS assets will touch ₹11-12-lakh crore by the end of March 2024.
Jump in subceriber base
The all-citizens model as of October 28 this year saw a robust 23.28 per cent jump in subscriber base at 31.36 lakh and a 31.31 percent jump in AUM at ₹ 48,412 crore.
On the other hand, the corporate NPS subscription grew 16.59 per cent to 18.55 lakh subscribers (15.91 lakh as of October 29 last year), and AUM was up 33.25 percent to ₹1,39,336 crore from ₹1,04,565 crore, the data showed.
While the NPS assets of Central Government employees grew 21 per cent to ₹2.88-lakh crore (₹2.38-lakh crore), the State governments’ employee NPS assets stood at ₹ 5.11 lakh crore, up 25.24 per cent over ₹ 4.08 lakh crore as of October 29 last year. The number of NPS subscribers from the government sector (centre and states put together) stood at 88 lakh.
NPS AUM had doubled to ₹10-lakh crore from ₹5-lakh crore in a span of just 2 years and ten months.
NPS took six years and six months to reach the milestone of ₹ 1 lakh crore AUM after its implementation in 2009. It then took 4 years and 11 months to further increase AUM to ₹ 5 lakh crore.
PFRDA this fiscal year expects at least 13 lakh new subscribers from both corporate and all citizen categories. Last fiscal year, PFRDA added a million new subscribers.
In the first seven months of this fiscal, as many as 3.52 lakh subscribers (net) have been added in aggregate to both corporate and all citizen categories, PFRDA data showed.