SIB largest service-provider for PFRDA scheme

by BankBazaar.com Desk on 12, October, 2009   2 |

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SIB has become the largest service provider among the 21 banks and financial institutions participating in the scheme, with 105 of its branches designated as the Point of Presence (POP). An SIB release said in Thrissur on Saturday that of all the institutions selected by PFRDA, SIB has got the largest Points of Presence.

South Indian Bank has emerged as the largest service provider for the New Pension System (NPS), a social security scheme launched by the Centre and implemented through the Pension Fund Regulatory and Development Authority (PFRDA).

SIB has become the largest service provider among the 21 banks and financial institutions participating in the scheme, with 105 of its branches designated as the Point of Presence (POP). An SIB release said in Thrissur on Saturday that of all the institutions selected by PFRDA, SIB has got the largest Points of Presence.

According to PFRDA, the NPS is a scheme open to employees working in various fields including the unorganised sector. A subscriber can continue to contribute to the same account even if he switches job or shifts place of work by retaining the same Permanent Retirement Account Number (PRAN).

The PFRDA also plans to come out with a low-cost pension scheme aimed at the poor which would enable low-income workers in the country such as rickshaw pullers, fishermen, weavers and street hawkers to have a safety net.