Bank officials organise programme on NPS Vatsalya scheme

KOHIMA — State Level Bankers’ Committee (SLBC), in collaboration with NABARD, organised a programme on the National Pension System (NPS) Vatsalya scheme with students which was followed with virtual participation in the nationwide launch of the scheme.

Union Finance Minister, Nirmala Sitharaman, who introduced the scheme during the Budget 2024 session, launched the scheme nationwide in New Delhi on Wednesday.

The scheme envisages the minor to start investing in pension at an early stage. Upon reaching the age of maturity, the plan could be seamlessly converted into a regular account. The scheme is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA).

NPS Vatsalya account can be opened with a minimum contribution of INR 1,000 (no maximum) and a subsequent minimum contribution of INR 1,000 per annum and no maximum.

K James, manager of Axis Bank, Kohima main branch, addressed the students and encouraged them to apply for the NPS Vatsalya scheme. He also informed the central government is planning to launch another pension system for central government employees, which is in the pipeline.

Chitebuni Kricho from NABARD presented in detail on NPS Vatsalya scheme. She informed that the scheme was launched in 75 locations across India on Wednesday including Nagaland.

Earlier, H Lalhlimpuia, chief manager of SLBC, chaired the programme.

Financial literacy videos and quiz for students were conducted during the programme.