CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: A new and dedicated scheme under the National Pension System (NPS), the “NPS Vatsalya Yojana,” was launched in New Delhi. In accordance with the announcement made in the Union Budget 2024-25, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, inaugurated the NPS Vatsalya Yojana, a ‘pension scheme for minors,’ in New Delhi. Minister of State for Finance, Pankaj Chaudhary, also attended the launch event and addressed the audience. Other dignitaries, including the Secretary of Financial Services and the Chairman of PFRDA, were present.
The NPS Vatsalya launch event was simultaneously held at 75 locations across the country, where over 250 PRAN (Permanent Retirement Account Number) cards were distributed. School children enthusiastically participated in the event at all locations. During the program, the Union Finance Minister launched an online platform for NPS Vatsalya enrollment, released the scheme booklet, and distributed PRAN cards to minor clients from various parts of the country.
The scheme is expected to help young clients develop a habit of saving from an early age, and through the power of compound interest, NPS Vatsalya customers can accumulate substantial funds. It is anticipated that the NPS Vatsalya Yojana will serve as the foundation of social security in a developed India by 2047. The contributory nature of the scheme ensures intergenerational equity without imposing a burden on future revenues.
Through the NPS Vatsalya Yojana, parents can invest in a pension account for their child’s future. The scheme uses the power of compounding to build wealth over the long term and offers multiple investment options. Parents can start with an annual contribution of as low as ₹1,000, making it accessible to all sections of society. The scheme promotes inclusivity and financial security.
In line with this program, the State-Level Bankers Committee of Madhya Pradesh organized an event on NPS Vatsalya Yojana at Model School, TT Nagar, Bhopal, where around 15 PRAN cards were distributed to minor clients from across Bhopal. SLBC convener, Mr. Tarsem Singh Jeera, and Model School Principal, Mrs. Rekha Sharma, participated in the launch event and addressed the attendees. A puppet show was also organized to raise awareness about the NPS Vatsalya Yojana among the minor clients, students, and their parents.
In Chhindwara, the lead bank of the district, Central Bank of India, organized an event at the auditorium of Delhi Public School. The event was attended by Regional Head of Central Bank of India, Kumar Utkarsh, LDM Ajay Kumar, Sweta from NABARD, Ram Sahay Prajapati from Central Bureau of Communication Regional Office, Principal of Delhi Public School, Habib Khan, along with many bank staff, school staff, and children and parents from across the district. Kumar Utkarsh, Regional Head of Central Bank of India, addressed the event. A similar event was held in Shahdol to mark the occasion.