Lok Sabha Question No. 2077 (UNSTARRED), answered on 2024-12-09
Subject: Implementation of NPS Vatsalya Scheme
Ministry: FINANCE
Asked by: Shri Manickam Tagore B, Shri Vijayakumar Alias Vijay Vasanth

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES *****

## LOK SABHA UNSTARRED QUESTION NO. 2077

TO BE ANSWERED ON MONDAY, DECEMBER 9, 2024/ AGRAHAYANA 18, 1946 (SAKA)

## IMPLEMENTATION OF NPS VATSALYA SCHEME

## 2077. Shri Vijayakumar Alias Vijay Vasanth Shri Manickam Tagore B

Will the Minister of Finance be pleased to state:

- (a) whether the Government is taking any specific measures to ensure that the NPS Vatsalya scheme reaches the most marginalized and vulnerable populations in Kanniyakumari and Virudhunagar;
- (b) the criteria used to identify beneficiaries of the NPS Vatsalya scheme, and the manner in which these criteria ensure inclusivity;
- (c) the timeline for the full implementation of the NPS Vatsalya scheme and the obstacles that have caused delays in its rollout in Kanniyakumari and Virudhunagar;
- (d) the manner in which the Government plans to address the gaps in awareness and understanding of the NPS Vatsalya scheme among parents and guardians, particularly in rural areas;
- (e) the  specific  training  or  resources  being  provided  to  local  officials  and  NGOs  to  facilitate  the effective implementation of the NPS Vatsalya scheme; and
- (f) the frequency of Government audits or assessments of the NPS Vatsalya scheme, and the findings of these evaluations so far?

## ANSWER

## MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

(a)  to  (f)  NPS-Vatsalya  Scheme,  a  contributory  pension  scheme  for  minors,  was  launched  on  18 th September,  2024  with  the  objective  to  create  a  pensioned  society.  The  scheme  is  designed  for parents/guardians  to  contribute,  a  minimum  of  Rs.  1000  per  annum  with  no  ceiling  on  maximum contribution, for minor subscriber. On attaining the age of majority, the account of the subscriber can be seamlessly converted into NPS account. The scheme is implemented through Points of Presence (PoPs) which  include  the  Bank  branches  and  Non-Bank  entities,  under  the  regulation  of  the  Pension  Fund Regulatory and Development Authority (PFRDA). Public Sector Bank branches in Kanniyakumari and Virudhunagar  districts  have  been  enabled  to  enroll  minors  under  the  NPS-Vatsalya  scheme,  ensuring accessibility and facilitating wider adoption of the scheme in these regions. NPS Vatsalya account can also be opened and accessed through online platform extended by the NPS Trust. Therefore, scheme is available for minors through multiple channels. As on 24.11.2024, a total of 67,974 subscribers have been enrolled under NPS-Vatsalya, and total of 5,097 minor subscribers have enrolled under the scheme in Tamil Nadu.

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To popularize the scheme and to ensure the maximum coverage, PFRDA runs the media campaigns through TV, radio, theatres, social media, print media as well as outdoor campaign. Further, to ensure effective implementation, PFRDA is organizing training sessions for banks through its empaneled training agencies, equipping their employees and banking correspondents (BCs) with the necessary knowledge and skills to promote and manage the scheme efficiently.

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