NEW DELHI: Pension fund regulator PFRDA today asked bankers to promote pension through various schemes and advised them to meet the target for selling Swavalamban Scheme within the stipulated time.
"They (banks) are best placed for this task with their branch network, human resources and other capabilities," Pension Fund Regulatory Development Authority (PFRDA) Chairman Hemant G Contractor said here.
Only 12 per cent of the working population are covered under formal pension system.
The target of opening of 70 accounts per branch has been allocated to the banks, amounting to a total target of 56 lakh Swavalamban accounts for the 2014-15, he said.
Speaking at a conference of aggregators organised by PFRDA, he said, the objective is to focus on progress of Swavalamban accounts opened by public sector banks/regional rural banks/MFI's and NBFCs working as aggregators to old age income security with a view to achieving long term financial inclusion to the target groups.
The Swavalamban scheme has been made an integral part of Pradhan Mantri Jan Dhan Yojana (PMJDY). Bankers should take Swavalamban Scheme in a mission mode and work towards achieving the targets in the stipulated time, he said.
Earlier speaking on the occasion, Finance Ministry Joint Secretary Anup Wadhawan asked banks to give impetus to opening of Swavalamban accounts, which is of immense importance for old age income security and is being monitored by the Government as an important initiative.
He advised banks to distribute the targets to State, district, block and sub-service area level and have a close monitoring on regular basis which will help them to achieve the target.
Swavalamban is a Government of India initiative in which the government co-contributes Rs 1,000 per annum to all eligible Swavalamban pension accounts.
So far, more than 35 lakhs subscribers have opened accounts under this scheme.
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