Association of NPS Intermediaries officially launched in Mumbai
Launch of Association of NPS Intermediaries in Mumbai
The Association of NPS Intermediaries (ANI) was officially launched at a conference titled 'Securing Tomorrow, With Pension' held at the Insurance Institute of India, Mumbai. The event was organized by the Ministry of Finance.
Key Highlights
The logo of the association was unveiled by Dr. Deepak Mohanty, Chairperson of the Pension Fund Regulatory Development Authority (PFRDA). This initiative aims to unite key stakeholders from the National Pension System (NPS) to enhance collaboration, subscriber welfare, and the growth of NPS as a retirement planning tool in India.
Speeches and Insights
The Secretary of the Department of Financial Services (DFS) delivered a virtual keynote address, emphasizing the importance of early pension planning due to changing demographics and urbanization. Dr. Deepak Mohanty highlighted the growth of NPS, with assets exceeding Rs 13.8 lakh crore and a subscriber base of 8 crores, making it a leading retirement solution.
Speakers like Siddhartha Mohanty, Chairperson of LIC of India, and Rama Mohan Rao Amara, MD of State Bank of India, discussed the role of financial institutions in promoting NPS. Animesh Mishra from EPFO stressed the need for sustainable pension advocacy.
Future Goals
The Association of NPS Intermediaries aims to enhance the NPS system's effectiveness, strengthen subscriber welfare, and collaborate with policymakers to shape retirement planning in India.
Doubts Revealed
NPS
NPS stands for National Pension System. It is a government-sponsored pension scheme in India that helps people save money for their retirement.
Intermediaries
Intermediaries are people or organizations that help connect different parties. In the context of NPS, they help connect people who want to save for retirement with the pension system.
Mumbai
Mumbai is a big city in India, known as the financial capital of the country. Many important business events and launches happen there.
PFRDA
PFRDA stands for Pension Fund Regulatory and Development Authority. It is a government body in India that regulates and develops the pension sector, including the NPS.
Dr. Deepak Mohanty
Dr. Deepak Mohanty is the Chairperson of PFRDA. He is an important person who helps oversee the pension system in India.
Logo
A logo is a special design or symbol that represents an organization or association. It helps people recognize the group easily.
Retirement planning
Retirement planning is the process of saving and preparing for the time when you stop working. It ensures you have enough money to live comfortably in your old age.
Financial institutions
Financial institutions are organizations like banks and investment companies that help people manage their money, including saving for retirement.
Stakeholders
Stakeholders are people or groups who have an interest in a particular project or system. In the NPS, stakeholders include the government, financial institutions, and people saving for retirement.
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