 "Finance Minister Nirmala Sitharaman launched the NPS (National Pension Scheme) Vatsalya Scheme on Wednesday that will allow parents to save for their children's future by investing in a pension account. (Photo: PTI)")
About 9,700 minor subscribers have been enrolled under NPS Vatsalya on the day of the launch of the scheme earlier this week.
The scheme, regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA), provides an opportunity to parents and guardians to start saving for their children's retirement early by harnessing the power of compounding, marking a significant milestone in India's evolving pension landscape.
In a landmark government initiative aimed at securing the financial future of India's youth, Finance Minister Nirmala Sitharaman officially launched the NPS Vatsalya Scheme on September 18, fulfilling a key Union Budget 2024-25 announcement.
On the day of the launch, NPS Vatsalya received an overwhelming response, as 9,705 minor subscribers have been enrolled under the scheme through various Points of Presence (PoPs) and thee-NPS portal, PFRDA said in a statement on Friday.
Out of this, 2,197 accounts were opened through e-NPS portal alone, it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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