SIB emerges largest service provider of New Pension System

Kerala-based South Indian Bank today said it has emerged as the largest service provider in the country for New Pension System-- a social security scheme.

As many as 105 branches have been designated as the Point of Presence (POP), SIB has become the largest service provider among 21 banks and financial institutions participating in the scheme, a SIB release here said.

PFRDA had also decided in principle to come out with a low-cost pension scheme for the poor which would enable a large section of the nearly 28 crore low-income workers in the country to have a safety net.

NPS is open to employees from all walks of life including the unorganised sector. A subscriber could retain the same Permanent Retirement Account Number (PRAN), which would enable the subscriber to continue to contribute to the same account even if he switched job or shifted place of work.