PFRDA eyes reaching five crore non-government NPS subscribers this fiscal from current 90 lakh
3 min read
Sivasubramanian Ramann, PFRDA Chairperson
PFRDA aims to increase non‑government NPS subscribers to 50 million in FY 2026‑27, up from the current ~9 million, driven by new digital onboarding partners like Tatkal NPS (NPCI) and STAR NPS (BSE).
Key Takeaways
- PFRDA aims to grow non-government NPS subscribers to 5 crore in FY27, up from about 90 lakh currently.
- New digital onboarding platforms Tatkal NPS (NPCI) and STAR NPS (BSE) are in live testing, with 4 banks testing and 22 more integrating.
- All participating banks are expected to be operational within 45 days, per PFRDA Chairperson Sivasubramanian Ramann.
- PhonePe, with about 650 million users, plans to go live on Tatkal NPS by end-August, opening access to a vast customer base.
According to PFRDA Chairperson Sivasubramanian Ramann, the Tatkal NPS and STAR NPS platforms are now in a live‑testing phase, with several banks already trying them out. Four large banks are actively testing and flagging issues, while 22 others are in the integration stage; all should be operational within the next 45 days, he told reporters on Friday.
He made these remarks during a media briefing on the fringes of a city‑based outreach event.
Customer friendly
STAR NPS, created by BSE Technologies Pvt Ltd, is a fully digital, assisted‑onboarding solution that lets pension agents—including mutual‑fund distributors—carry out paperless KYC and quick registration. Tatkal NPS, built on NPCI’s infrastructure, offers customers fast, secure KYC checks and instant PRAN issuance.
PhonePe, with roughly 650 million users, plans to go live on Tatkal NPS by the end of August, opening the door to a vast customer base for smooth onboarding, Ramann noted.
While the chairman refrained from giving a precise AUM forecast, he indicated that contributions are expected to rise by roughly 20‑25 % (about 22 %) this fiscal year. The NPS assets under management currently total around ₹18.4 lakh crore.
Non‑government NPS accounts have climbed from roughly 7.2 million in October 2025 to about 9 million today, a growth of close to 25 %.
Notably, the first NPS allocation to an Alternative Investment Fund (AIF) could materialise soon.
Asset classes
PFRDA is broadening the investment options for NPS, highlighting REITs, InvITs and AIFs. It has permitted up to 5 % of the equity portion of non‑government NPS schemes to be invested in AIFs, whereas government‑linked NPS funds are limited to 1 %.
We have launched the NPS Bharat Fund of Funds, which will channel capital to various AIFs, making us limited partners. The PFRDA board endorsed the idea of AIF investments five years ago.
The Fund of Funds, managed by the NPS Trust, aims to direct domestic pension savings into alternative assets. An expert committee screens AIF proposals, with initial investments slated to begin within two months and current applicant reviews underway, Ramann added.
Regarding the new NPS e‑shramik scheme for platform‑based workers, Ramann noted that enrolment has hit about 100,000 gig‑economy participants, and the associated assets under management are starting to grow steadily.
Published on August 22, 2026
