National Bank for Agriculture and Rural Development (NABARD) has reported that in the Self Help Group (SHG)-Bank Linkage Programmes for Rural Poor household, the saving portion of the groups can be utilized by the rural poor to meet requirements during old age.
Minister of State for Finance, Namo Narain Meena in written reply to a question in Lok Sabha, said the government has identified the interim Pension Fund Regulatory and Development Authority (PFRDA) as the implementing agency for New Pension System (NPS).
To encourage the people from the unorganized sector to voluntarily save for their retirement, the government had launched the Co-contributory Pension Scheme called “Swavalamban” during 2010-11, whereby the government would contribute a sum of Rs.1,000 in each NPS account opened with a minimum contribution of Rs.1,000 and maximum contribution of Rs.12,000 per annum.
The scheme is managed by PFRDA. NABARD has decided to support PFRDA through a grant assistance of Rs.50 crore towards promotional and developmental activities for enrolment and contribution collection under Swavalamban Scheme, said the minister.