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6 Sep 2009, 1208 hrs IST, PTI
NEW DELHI: To distribute the nascent New Pension System on a larger scale, interim pension regulator PFRDA is likely to rope in the postal department and five to six more banks, including PNB and Standard Chartered Bank for collecting contributions of subscribers.
"In a month or so, the names of 5-6 banks, including Punjab National Bank, Vijaya Bank, Syndicate bank, Standard Chartered Bank and the postal department are likely to be notified as Points of Presence," a Pension Fund Regulatory and Development Authority (PFRDA) official told PTI.
The official further said the postal department has shown interest in joining the NPS as a PoP and the PFRDA is having discussions with them. The request from these banks has also come.
PoPs are contact and collection points for customers wanting to be part of NPS.
Currently, there are 21 NPS PoPs which include, State Bank of India, ICICI Bank, IDBI Bank, Oriental Bank of Commerce, Axis Bank and Union Bank of India.
Despite being launched four months ago, NPS has not made much headway.
Its distribution received a big blow after the country's largest insurer, Life Insurance Corp (LIC), ceased to be a PoP in May following a directive from the sectoral regulator IRDA.
"No insurance company can act as a PoP," the IRDA circular had said.
Recently, Life Insurance Corporation (LIC) Managing Director A K Dasgupta told PTI, "we have completely suspended operations (of NPS) and returned all the remittances we have received. No further developments at this stage."
PFRDA is believed to be unhappy with the distribution activities carried out by PoPs and had met them last week asking them to get their act right.
"We have asked them to come out with concrete plans in a month as to how they would expand their business," a PFRDA official said.
(Source : UNI News)
NEW DELHI: To distribute the nascent New Pension System on a larger scale, interim pension regulator PFRDA is likely to rope in the postal department and five to six more banks, including PNB and Standard Chartered Bank for collecting contributions of subscribers.
"In a month or so, the names of 5-6 banks, including Punjab National Bank, Vijaya Bank, Syndicate bank, Standard Chartered Bank and the postal department are likely to be notified as Points of Presence," a Pension Fund Regulatory and Development Authority (PFRDA) official told PTI.
The official further said the postal department has shown interest in joining the NPS as a PoP and the PFRDA is having discussions with them. The request from these banks has also come.
PoPs are contact and collection points for customers wanting to be part of NPS.
Currently, there are 21 NPS PoPs which include, State Bank of India, ICICI Bank, IDBI Bank, Oriental Bank of Commerce, Axis Bank and Union Bank of India.
Despite being launched four months ago, NPS has not made much headway.
Its distribution received a big blow after the country's largest insurer, Life Insurance Corp (LIC), ceased to be a PoP in May following a directive from the sectoral regulator IRDA.
"No insurance company can act as a PoP," the IRDA circular had said.
Recently, Life Insurance Corporation (LIC) Managing Director A K Dasgupta told PTI, "we have completely suspended operations (of NPS) and returned all the remittances we have received. No further developments at this stage."
PFRDA is believed to be unhappy with the distribution activities carried out by PoPs and had met them last week asking them to get their act right.
"We have asked them to come out with concrete plans in a month as to how they would expand their business," a PFRDA official said.
(Source : UNI News)
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