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Thanks to significant contribution by non-government sector, the National Pension System’s (NPS) assets under management (AUM) — including the corpus on Atal Pension Yojana (APY) — grew 27 per cent year-on-year to hit ₹10.22 lakh crore on September 16, PFRDA data revealed, reported Business Line.
The AUM crossed the ₹ 10 lakh crore milestone on August 25. In March end this year, NPS AUM stood at ₹ 8.98 lakh crore.
PFRDA says it is sure that NPS assets will touch anywhere between ₹1112 lakh crore by end of March 2024. The all citizens model as of September 16 saw robust 23.85 per cent jump in subscriber base at 30.82 lakh and 35 percent jump in AUM at ₹49,018 crore
On the other hand, the corporate NPS subscription grew 17 per cent to 18.31 lakh subscribers (15.66 lakh as of September 16, 2022) and AUM was up 36 percent at ₹ 1,39,375 crore from ₹ 1,02,154 crore 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 the year 2009. It then took 4 years and 11 months to further increase AUM to ₹ 5 lakh crore.