New Delhi: Union Finance Minister Nirmala Sitharaman has introduced the NPS Vatsalya scheme, a landmark initiative aimed at securing the financial future of India's younger generations. The scheme allows parents to invest in a pension account for their children, offering flexibility in contributions and investment choices. With a minimum annual contribution of Rs. 1,000, parents can now take significant steps toward ensuring their child's financial security. The scheme will be overseen by the Pension Fund Regulatory and Development Authority (PFRDA).
A special launch event for the NPS Vatsalya scheme was held in Guwahati, Assam, organized by the State Level Bankers' Committee (SLBC), State Bank of India (SBI), and National Bank for Agriculture and Rural Development (NABARD). At the event, Shri S. Radhakrishnan, Chief General Manager of State Bank of India, North East Circle, highlighted the critical role of financial inclusion. He emphasized that banks would adopt the NPS Vatsalya scheme as a mission to cover every child and family, contributing to the nation's broader development.
The NPS Vatsalya scheme reaffirms the Government of India's dedication to encouraging long-term financial planning and promoting security for citizens across the country.
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