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The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman addressing the gathering during the launch event of NPS Vatsalya Scheme at Vigyan Bhawan, in New Delhi on September 18, 2024.

Union Finance Minister Smt. Nirmala Sitharaman launches NPS Vatsalya

Newdelhi:18/9/24:Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the National Pension System Vatsalya (NPS Vatsalya) scheme, ‘a pension scheme for minors’ at New Delhi, today. The NPS Vatsalya was announced by the Union Finance Minister in the Union Budget 2024-25 on 23rd July, 2024.

Union Minister of State for Finance Shri Pankaj Chaudhary; Shri Nagaraju Maddirala, Secretary, Department of Financial Services (DFS); and Shri Deepak Mohanty, Chairman Pension Fund Regulatory Authority of India (PFRDA) were also present besides senior officials from DFS and PFRDA along with school children, their parents, and other esteemed guests.

The launch of NPS Vatsalya was simultaneously organised at 75 locations throughout the country, with distribution of over 250 PRAN to minor subscribers. At all the locations, school-going children enthusiastically attended the event.

During the event, the Union Finance Minister also launched an online platform for subscribing to NPS Vatsalya, released the scheme brochure. Smt. Sitharaman also released a brochure, detailing the features of the NPS Vatsalya scheme. Smt. Sitharaman and Shri Chaudhary also distributed permanent retirement account number (PRAN) cards to minor subscribers who had come from different parts of the country.

In her keynote address at the launch, Union Finance Minister Smt. Nirmala Sitharaman said that the scheme will be an important constituent towards fulfilling vision of the Prime Minister, Shri Narendra Modi, in creating Viksit Bharat@2047.In his address on the occasion, Union Minister of State for Finance Shri Pankaj Chaudhary said that NPS Vatsalya scheme is a significant step by the Government towards inclusive economic development and all the institutions involved in scheme implementation were urged to ensure maximum coverage and saturation of the scheme. In his address on the occasion, Shri Nagaraju Maddirala, Secretary, DFS, underscored the imperative of collaborative approach by stakeholders including banks for effective implementation and outreach of the NPS Scheme.

In his address at the launch, Dr. Deepak Mohanty, Chairperson, PFRDA, said, “It is the Government’s forward-thinking approach, under the overarching objective of provision of social security for all, that NPS Vatsalya is launched today. It enables us to tap into the power of compound interest, potentially leading to substantial wealth accumulation over time securing the financial future of our younger generation.”

Eligibility for NPS Vatsalya as follows:

  1. All minor citizens (age below 18 years).
  2. Account can be opened in the name of a minor and operated by a parent or guardian. Minor will be the beneficiary.
  3. The scheme can be opened through various Points of presence regulated by PFRDA such as major banks, India Post, Pension Funds, and Online platforms (e-NPS).
  4. Subscribers are to make a minimum contribution of Rs 1000/- per annum. There is no limit on the maximum contribution.
  5. PFRDA will provide multiple investment choices to subscribers. Subscribers can take exposure in government securities, corporate debt, and equity in different proportions based on risk appetite and desired returns.
  6. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.

 

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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