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PFRDA Targets Three Crore New NPS Subscribers Through UPI
The Pension Fund Regulatory and Development Authority wants many more people to join the National Pension System.
It hopes to add about 2-3 crore subscribers in two years.
A new service called NPS Tatkal will make joining easier.
People will be able to open an account using a UPI payment application.
They can use a bank account that has already completed KYC verification.
Contributions can also be made through UPI.
The service is expected to help people in smaller cities and informal jobs.
NPS helps people save money for retirement, with their savings invested in market-linked instruments.
PFRDA aims to add about 2-3 crore new National Pension System subscribers over the next two years.
Its NPS Tatkal scheme will allow people to open accounts directly through UPI applications.
The service will initially begin through NPCI’s BHIM UPI application using KYC-verified bank accounts.
State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and IDFC FIRST Bank have joined the plan.
PFRDA expects the initiative to expand pension coverage in tier-2 and tier-3 cities, particularly among informal-sector workers.
- Who
- The Pension Fund Regulatory and Development Authority, led by Chairperson S Ramann, is launching the initiative.
- What
- NPS Tatkal will enable new National Pension System accounts to be opened and funded through UPI.
- Where
- The service will begin through NPCI’s BHIM UPI application and is intended to expand coverage across tier-2 and tier-3 cities in India.
- When
- The announcement was published on October 1, 2026; PFRDA is targeting subscriber growth over the next two years.
- Why
- PFRDA wants to widen pension coverage, including among informal-sector workers, and make NPS enrolment more accessible.
Key facts
- Subscriber target
- About 2-3 crore new NPS subscribers in two years
- Initiative
- NPS Tatkal
- Enrolment method
- Direct account opening through UPI
- Initial application
- NPCI’s BHIM UPI application
- Participating banks
- State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and IDFC FIRST Bank
- Eligible account basis
- A KYC-verified bank account
- NPS structure
- A defined-contribution system with retirement savings invested in market-linked instruments
Quotes
S Ramann
Chairperson of the Pension Fund Regulatory and Development Authority
“We are actually looking at about 2-3 crore subscribers coming in the next two years. NPS Tatkal will give us the ability to spread the reach of NPS”
thehindubusinessline.com
Sources
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