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Arunachal Pradesh Collaborated with NSDL for Adoption of National Pension Scheme

Jan 10, 2013 15:16 IST

The state of Arunachal Pradesh on 9 January 2013 entered into an agreement with signing of MoU with National Securities Depository Ltd (NSDL), permitting it to work as a Central Record Keeping Agency (CRA) for adoption of the National Pension System (NPS).

National Pension Scheme NPS is an initiative of the Union Government of India and Arunachal Pradesh is the 26th State to adopt it. Around 44 lakh subscribers across the Central Government, State Government, central and State autonomous bodies, a few corporates and other citizens are associated with NPS.

The NPS scheme will be benefitting more than 6160 employees who had joined the services of the State Government on or after1 January 2008.

About National Pension System

• NPS is a system wherein eligible Government subscribers contribute a fixed portion of their salaries and an equivalent contribution is made by the respective State Governments every month.

• These amounts are transferred to empanelled Pension Fund Managers (PFMs) for subsequent contribution in instruments such as Government securities, corporate and equities.

• The National Pension Scheme is under effect from 1 January 2004. As on date 11.043 crore rupees has been deposited in the State Government exchequer.

The complete NPS activity is regulated by the Pension Fund Regulatory Development Authority which has been created especially for this purpose by the Centre.

About National Securities Depository Ltd (NSDL)

NSDL is the first and largest depository in India which was established in August 1996. It is promoted by institutions of national stature responsible for economic development of the country. It had established a national infrastructure of international standards that handles most of the securities held and settled in dematerialised form in the Indian capital market.

NSDL is promoted by Industrial Development Bank of India (IDBI) - the largest development bank of India, Unit Trust of India (UTI) - the largest mutual fund in India and National Stock Exchange (NSE) - the largest stock exchange in India. Some of the prominent banks in the country have taken a stake in NSDL.

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