South India leads in NPS enrolment; low insurance awareness a key challenge: Deepak Mohanty

South India currently has the highest number of National Pension System (NPS) private sector enrollments in the country, said Deepak Mohanty, Chairman, Pension Fund Regulatory & Development Authority (PFRDA).

South India currently has the highest number of National Pension System (NPS) private sector enrolments in the country, said Deepak Mohanty, Chairman, Pension Fund Regulatory & Development Authority (PFRDA).

Some 31% of private sector enrolments comprising NPS corporate and NPS All Citizen in the country so far this financial year were from the Southern region, he said.

“In the current fiscal, the region accounts for the highest NPS private sector enrolments in the entire country. Southern region’s share in enrolment in NPS Corporate in FY24 is 39% and for All Citizen it is 29%,” Mr. Mohanty said.

Also, some 36% of women participation in NPS Corporate subscriber base came from the Southern region, again highest in the country, he said.

Countrywide scenario

Commenting on the countrywide performance, he said, as on 10th January 2024, PFRDA has assets under management (AUM) worth ₹11 lakh crore as against the full financial year expectation of ₹12 lakh crore.

AUM has increased from ₹10 lakh crore to ₹11 lakh crore between August 2023 to 10 Jan 2024.