Pension Bulletin Volume V Issue VIII

Pension Fund Regulatory and Development Authority

1st Floor, Chhatrapati Shivaji Bhawan, B-14/A,Qutab Institutional Area, Katwaria Sarai, New Delhi-110016

Table of Contents

Page No.

Section 1: New Developments ...... 2 Section 2: Concept Note on Auto Enrolment for increase in pension coverage in India ...... 5 Section 3: NPS Statistics ...... 9 i. Sector wise growth ...... 9 ii. Overall Status of State Governments ...... 12 iii. UoS Sector (All citizens) in NPS ...... 14 iv. Total amount of subscribers’ contribution under UoS (Tier-I & Tier II): ...... 14 v. Total amount of AUM under UoS (Tier-I & Tier II) ...... 15 vi. Total number of corporate registration in NPS: ...... 15 vii. Total number of subscriber, contribution & AUM registered in corporate ...... 15 viii. Status of APY: ...... 16 ix. PFM wise Return on NPS Schemes ...... 16 x. PFM wise Total Assets under Management under NPS schemes ...... 17 Section 4: Circulars/Notices/Guidelines/RFP Issued ...... 18 Section 5: Training/Workshop/Conference/Meeting conducted ...... 20 Section 5: Macro-Economic Statistics ...... 28

Section 1: New Developments

1. Additional life cycle funds, LC-75 and LC-25 to NPS private sector subscribers.

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced two more new Life Cycle funds for NPS private sector subscribers in addition to the existing Life Cycle Fund called Moderate Life Cycle Fund (with equity up to 50% -LC-50) already available to the NPS Pvt. Sector subscriber under the default life cycle option. The additional Life Cycle Funds are as under: (i) Aggressive Life Cycle Fund (with equity upto 75% -LC75) (ii) Conservative Life Cycle Fund (with equity upto 25% -LC-25) The investment ceilings prescribed for different asset classes i.e. equity (E), corporate debentures/ bonds (C) and government securities (G) at different ages of the subscriber in each one of the Life Cycle Funds are as under:

Aggressive Life Cycle Fund (LC-75) Age Asset Class E Asset Class C Asset Class G Up to 35 years 75% 10% 15% 36 years 71% 11% 18% 37 years 67% 12% 21% 38 years 63% 13% 24% 39 years 59% 14% 27% 40 years 55% 15% 30% 41 years 51% 16% 33% 42 years 47% 17% 36% 43 years 43% 18% 39% 44 years 39% 19% 42% 45 years 35% 20% 45% 46 years 32% 20% 48% 47 years 29% 20% 51% 48 years 26% 20% 54% 49 years 23% 20% 57% 50 years 20% 20% 60% 51 years 19% 18% 63% 52 years 18% 16% 66% 53 years 17% 14% 69% 54 years 16% 12% 72% 55 years 15% 10% 75%

Conservative Life Cycle Fund (LC-25) Asset Age Asset Class E Class C Asset Class G Up to 35 years 25% 45% 30% 36 years 24% 43% 33% 37 years 23% 41% 36% 38 years 22% 39% 39% 39 years 21% 37% 42% 40 years 20% 35% 45% 41 years 19% 33% 48% 42 years 18% 31% 51% 43 years 17% 29% 54% 44 years 16% 27% 57% 45 years 15% 25% 60% 46 years 14% 23% 63% 47 years 13% 21% 66% 48 years 12% 19% 69% 49 years 11% 17% 72% 50 years 10% 15% 75% 51 years 9% 13% 78% 52 years 8% 11% 81% 53 years 7% 9% 84% 54 years 6% 7% 87% 55 years 5% 5% 90%

Details of Moderate Life Cycle Fund (with equity upto 50% -LC-50)- already available to the NPS Pvt. Sector subscriber under the default life cycle option are as below:

Default/ Moderate Life Cycle Fund (LC-50) Age Asset Class E Asset Class C Asset Class G Up to 35 years 50% 30% 20% 36 years 48% 29% 23% 37 years 46% 28% 26% 38 years 44% 27% 29% 39 years 42% 26% 32% 40 years 40% 25% 35% 41 years 38% 24% 38% 42 years 36% 23% 41%

43 years 34% 22% 44% 44 years 32% 21% 47%

45 years 30% 20% 50% 46 years 28% 19% 53% 47 years 26% 18% 56%

48 years 24% 17% 59% 49 years 22% 16% 62% 50 years 20% 15% 65%

51 years 18% 14% 68% 52 years 16% 13% 71% 53 years 14% 12% 74%

54 years 12% 11% 77% 55 years 10% 10% 80%

2. Creation of separate Asset Class "A " for Alternate Investments

A separate Asset Class “A* ” (for Alternate Investments) has been introduced by PFRDA for NPS private Sector subscribers in addition to existing Asset Classes of E. C and G such that- Total Investment (E+ C+G+A)= 100% Investment in E to be less than or equal to 50% Investment in C upto 100% Investment In G upto 100% Investment in A to be less than or equal to 5% Investments in Asset Class A permits investments in following: 1. Commercial mortgage based securities or Residential mortgaged based securities 2. Units issued by Real Estate Investment Trusts regulated by the Securities and Exchange Board of India 3. Asset backed securities regulated by the Securities and Exchange Board of India 4. Asset backed securities regulated by the Securities and Exchange Board of India 5. Alternative Investment funds ( AIF Category I & II) registered with SEBI .

Section 2: Concept Note on Auto Enrolment for increase in pension coverage in India

PFRDA has issued a concept note on auto enrolment in pension to extend pension coverage to unorganised sector workers who have generally remained out of pension coverage. Comments on the concept note are solicited from the various stakeholders upto 7 of December 2016. Brief of the concept note is as below:

Introduction

To adapt pension systems to fiscal imperatives and demographic trends, and pursuant to reports of various expert committees, India made a conscious move to shift from the defined benefit pension system to defined contribution funded pension system initially called the New Pension Scheme now renamed as National Pension System (NPS). NPS was made effective from 1stJanuary 2004 initially for Central Government employees other than the armed forces. Subsequently, from May 2009, NPS was extended to the private sector including the unorganized sector on a voluntary basis. In October 2010 government launched the NPS Lite – Swavalamban Scheme for the under privileged workers in the unorganized sector. In May 2015 the Atal Pension Yojana (APY) was launched focusing primarily on the under privileged workers in the unorganized sector. With these efforts, the coverage of the NPS under the voluntary segment and APY as measured by the enrolments has been picking up.

2. Automatic enrolment is somewhere in between the alternative approaches of compulsion/ mandatory and voluntarism. It is often therefore called “soft compulsion”.

3. Surveys on individual preferences relating to saving propensity and financial literacy, both within India and overseas such as in OECD countries, have routinely found that people by and large, agree that savings for retirement are important and that they feel that they should be planning for old age. Unfortunately, this often does not translate into action because lack of awareness/ information about retirement savings options and insufficient understanding of complex investment decisions. Procrastination and inertia are other attributes limiting conversion of the intentions into actions. Automatic enrolment is designed to bring such people within pension/ old age income security coverage.

Requirement of Auto enrolment in India

India has a huge unorganized or informal sector. The employees or workers of unorganised sector are not covered under any kind of old age income security scheme. All the workers employed in enterprises with 20 or more workers are required to be mandatorily covered under Employees Provident Fund and Miscellaneous Provision Act, 1952. Voluntary schemes such as the NPS Lite/ Swavalamban and Atal Pension Yojana which are primarily focused on this category of workers have received lukewarm response. It is also an internationally accepted fact that extending pension to the workers on voluntary basis is not very successful. It is in this context an auto enrolment is being proposed to expand coverage of pension/ old age income security to a larger segment of the society.

Atal Pension Yojana (APY) is ideally suited for the informal sector, especially to relatively better salaried low and middle income segments, and it is our view that APY could be offered on auto enrolment basis to these components of the informal sector. These segments would be Micro Industries, Small Scale Industries, Asha Workers, Aanganwadi Workers, etc.

Target Group

Employers / Organizations/Departments employing/ engaging any person whether formally or informally will be asked to automatically enroll them into Atal Pension Yojana provided:

a) They are citizens of India and are in the age group of 18 – 40 years (proposed to be extended to 50 years).

b) There will be no obligation for the employers/organisations/depts. to contribute to the pension of the employees/ members so enrolled. However, if they do, they will be eligible for tax deduction from their income to the extent of their contribution to the employee.

c) Employees and workers in private sector, government, semi-government organizations like Micro Industries, SSI units, Anganwadi, Asha workers, Construction Boards, Gram Panchayats, NGOs SHGs, etc. will be targeted.

d) Mass awareness is required to be done for adoption of auto-enrolment.

Modalities for auto enrolment

i) Informal sector groups to be covered:

- Micro Industries and Enterprises

- Small Scale Industries

- Asha

- Anganwadi

- Construction Sector

- Gram Panchayat and other organisations as may be identified from time to time

ii) Contribution:

There are five schemes under APY, providing guaranteed pension of Rs. 1000, Rs. 2000,

Rs. 3000, Rs. 4000 and Rs. 5000 per month at the age 60 and employees can opt to join

any of these.

iii) Opt out option

All employers have to automatically enroll their eligible workers, unless the employee

6 opts out.

Linking Insurance with Pension

Pension is a long term engagement and keeping in view the income profile of the targeted group, it is proposed to use insurance and health coverage as an incentive for long term engagement.

Health Insurance: Rashtriya Swastha Bima Yojana (RSBY), specially launched for unorganised worker falling under BPL category and latter extended to other categories of workers like Building and other construction workers registered with the Welfare Boards, Licensed Railway Porters, Street Vendors, MNREGA workers who have worked for more than 15 days during the preceding financial year, Beedi Workers, Domestic Workers, Sanitation Workers, Mine Workers, Rickshaw pullers, may also be extended to the members who will auto enroll under APY scheme for a monthly pension of Rs. 1000/- so that the health insurance benefit is restricted to the poorer section of society.

The beneficiaries under RSBY are entitled to hospitalization coverage up to Rs. 30,000/- per annum on family floater basis, for most of the diseases that require hospitalization. The coverage extends to maximum five members of the family which includes the head of household, spouse and up to three dependents. Additionally, transport expenses of Rs. 100/- per hospitalization are paid to the beneficiary subject to a maximum of Rs. 1000/- per year per family. The beneficiaries need to pay only Rs. 30/- as registration fee for a year while Central and State Government pays the premium as per their sharing ratio to the insurer selected by the State Government on the basis of a competitive bidding. The scheme will provide cashless benefits to the auto enrolled APY members in the empanelled hospitals. Disability insurance: Life insurance element and insurance against total/partial disability as provided under Pradhan Mantri Suraksha Bima Yojana (PMSBY) may also be clubbed with the APY auto enrolment. PMSBY covers the risk against accidental death and permanent total disability for Rs.2 Lakh, and permanent partial disability for Rs.1 lakh at a premium of Rs.12 per year. The Scheme is available to people in the age group 18 to 70 years with a savings bank account to enable auto-debit on annual basis which can be renewed periodically. The premium of Rs. 12 per annum will be paid by the beneficiaries from their saving account.

Benefits of auto enrolment pension

The Automatic enrolment with health and insurance cover under Atal Pension Yojana is expected to enhance the coverage particularly in the unorganized sector and help in saving for their retirement while they are earning.

The employers may be extended the same tax rebate for the contributions made towards the pension account of their employees/ workers as available under NPS for employers. While claiming tax rebate, the employer will have to submit documentary evidence for having contributed to the pension account of the employee/ workers. The maximum number of workers for which one can claim such rebate may be kept at 19, as 20 and above are already covered under the EPF and MP Act. All Micro and Small industries, panchayats, anganwadis etc. will be

7 under obligation to promote this scheme, and help in registration of their underlying workers/ members.

Being automatically enrolled back into auto enrolment pension

If a worker stops paying into the auto enrolled APY account for some months, the existing provisions of APY will be applicable.

Phase wise implementation of auto enrolment

The implementation of auto enrolment under APY will be accompanied by an extensive awareness and publicity campaign by the Central/State Governments involved with the implementation of social welfare programmes / schemes under which the targeted groups of employees/workers fall .

Monitoring and compliance

Employers will provide disclosures to the regulators (PFRDA and Tax authorities and to their own employers) in their declaration about voluntary compliance on annual basis. Employers will be required to maintain records showing contributions made by them/employees.

The concept note has been uploaded on PFRDA website: www.pfrda.org.in and comments are invited from the various stakeholders on the above concept note by 7th December, 2016.

Section 3: NPS Statistics

i. Sector wise growth The number of subscribers under NPS and APY increased from 133.21 lakh as at the end of August, 2016 to 135.49 lakhs as on 24th September, 2016 i.e. by 1.71% supported by a growth of 5.38 % in APY and 2.85% in unorganized sector. During first half of the current financial year 2015-16 i.e. April - September 2016, the number of subscribers has increased from 122.35 lakhs to 135.49 lakhs, registering a growth of 10.74 %. The maximum growth is witnessed in APY, in which the number of subscriber increased from 24.85 lakhs as end of March 2016 to 34.43 lakhs as end of September 2016, registering a growth of 38.55 %. UoS/All citizen subscribers have increased by 21.40% and corporate sector subscribers have increased by 9.92 % during the first half of the current financial year.

Number of Subscribers (in lakhs) Year/Month Mar-13 Mar-14 Mar-15 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 CG 11.27 13.42 15.12 16.58 16.70 16.81 16.94 17.12 17.22 17.31 SG 16.41 20.07 26.30 29.24 29.47 29.89 30.29 30.73 31.06 31.36 Govt. sec Total 27.67 33.49 41.42 45.82 46.16 46.70 47.23 47.85 48.28 48.67 Govt. sec % growth (yoy) 21.03 23.67 10.63 10.54 10.69 10.74 11.68 12.00 12.06 Corporate Sector 1.43 2.62 3.73 4.74 4.79 4.87 4.95 5.04 5.13 5.21 All Citizen 0.70 0.79 0.87 2.15 2.26 2.31 2.37 2.45 2.54 2.61 Pvt. Sec total 2.14 3.41 4.60 6.89 7.05 7.18 7.33 7.49 7.67 7.82 Pvt. Sec % growth (yoy) 59.65 34.87 49.77 50.61 49.53 49.64 50.03 50.10 49.54 NPS Swavalamban 17.80 28.16 41.47 44.80 44.74 44.71 44.64 44.61 44.59 44.57 APY - - - 24.85 26.20 28.58 29.81 31.44 32.67 34.43 Total Unorganised sector 17.80 28.16 41.47 69.65 70.94 73.28 74.45 76.05 77.27 79.00 Unorganised sector % growth (yoy) 58.21 47.26 67.38 58.95 63.97 57.98 52.18 49.64 50.24 Total 47.61 65.06 87.49 122.35 124.16 127.17 129.01 131.39 133.21 135.49 YoY % Growth 36.66 34.47 39.85 36.33 38.70 36.26 34.33 33.41 33.83

Number of Subscribers 150 42.00 131.39 133.21 135.49 124.16 127.17 129.01

39.59 40.00

122.12

100 36.66 87.49 38.70 38.00

65.06 36.33 36.26 36.00

In lakh In 47.61 Y %growth of Y

34.47 - 50 34.33 34.00 33.83 O

33.41 - Y 32.00

0 30.00 2012-13 2013-14 2014-15 2015-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Schemesâ CG SG Corporate Sector UOS NPS Swavalamban APY Total YoY % of Growth b) The AUM under NPS have increased from Rs. 143,176 crore as end of August, 2016 to 149,850 crore as at the end of September, 2016 i.e. by 4.66% increase during the month of September, 2016. The highest growth in AUM in percentage terms is witnessed in Atal Pension Yojana which is 12.41% followed by 6.20% increase in NPS- Lite and 5.81% increase in unorganized sector. During the first half of the Financial Year 2015-16, the AUM under NPS/APY have increased from Rs. 118810 to Rs. 149850 crore i.e. by 26.13%.AUM under APY has more than doubled during the first half year and increased from Rs. 506 crore as end of March 2016 to Rs. 1140 crore as end of September 2016, i.e. by 125%.

AUM (Rs. In crore ) Mar- Mar- Mar- Year/Months Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 13 14 15 CG 17317 24177 36737 48135 49467 50721 51885 54918 56417 58892 SG 10748 20095 36244 57498 59798 61722 63565 67865 69949 73264 Govt. sec total 28065 44272 72981 105633 109264 112444 115450 122783 126366 132156 Govt. sec % growth (yoy) 57.75 64.84 44.74 44.19 44.08 45.36 45.75 46.15 46.48 Corporate Sector 1120 2628 5675 9290 9677 10048 10390 11206 11661 12169 All citizen 231 365 594 1273 1405 1474 1526 1663 1737 1838 Pvt. Sec total 1351 2993 6269 10563 11082 11522 11916 12869 13398 14007 Pvt. Sec % growth(yoy) 121.56 109.45 68.5 71.87 71.33 72.16 76.43 77.60 76.74 NPS Swavalamban 436 839 1606 2108 2210 2238 2257 2361 2398 2547 APY - - - 506 595 686 779 922 1014 1140 Total Unorganised Sector 436 839 1606 2614 2805 2924 3036 3283 3412 3687 Unorganised sector % growth 92.47 91.31 62.79 65.70 65.62 71.64 78.58 80.83 86.63 (yoy) Total 29852 48105 80855 118810 123151 126890 130403 138935 143176 149850 Total % growth (yoy) 61.14 68.08 46.94 46.75 46.64 48.00 48.79 49.31 49.67

AUM (Rs. In crore) 160000 149850 80.00 138935 143176 140000 126890 130403 70.00 118810 123151

120000 68.08 60.00

61.14 100000 80855 50.00 49.67 80000 46.94 46.75 46.64 48.00 48.79 49.31 40.00 48105

60000 30.00 %growth Rs. In crore In Rs. 40000 29852 20.00 20000 10.00 0 0.00 Mar-13 Mar-14 Mar-15 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

CG SG Corporate Sector UOS NPS Swavalamban APY Total % of growth

C) The contribution under NPS has increased from Rs. 109628 crore as end of August, 2016 to 113977 crore as at the end of September, 2016 i.e. by 3.97 %. During first half of the current financial year 2015-16, the contributions received from subscribers have increased from Rs. 95849 crore to Rs. 113977 crore, i.e. a growth of 18.91%. The maximum growth in contribution has been witnessed in APY (111.2%) followed by All Citizen (35.36%) and Corporate sector (22.13%) .

Total Contribution (Rs. In crore ) Year/Month Mar-13 Mar-14 Mar-15 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 CG 14054 20029 27458 36329 37030 37866 38721 39598 40423 41996 SG 9736 18364 29702 48007 49564 51006 52461 54052 55287 57474 Govt. sec total 23789 38393 57160 84336 86594 88872 91182 93650 95711 99470 Govt. sec % 61.39 48.88 47.54 44.01 43.53 42.99 39.10 37.89 38.81 growth (yoy) Corporate 1383 2790 4801 8010 8268 8540 8827 9168 9484 Sector 9783 UOS 227 348 497 1219 1342 1391 1441 1511 1578 1650 Pvt. Sec total 1609 3138 5298 9229 9610 9931 10267 10678 11062 11432 Pvt. Sec % 95.01 68.82 74.20 64.04 63.26 62.30 62.17 61.24 growth (yoy) 60.56 NPS 407 793 1380 1792 1875 1889 1900 1916 1925 Swavalamban 2036 APY - - - 491 573 657 743 851 930 1037 total 407 793 1380 2283 2448 2546 2643 2767 2855 3074 % growth(yoy) 94.71 73.93 65.45 66.30 66.08 69.91 73.32 73.74 80.94 Total 25806 42325 63838 95849 98652 101350 104092 107096 109628 113977 Total % of 64.0 50.83 50.14 46.24 45.75 45.28 41.84 40.70 41.63 growth(yoy)

Contribution 113,977 120000 109,628 70.0 104,092 107,096 64.0 101,350 95,849 98,652 100000 60.0 50.83 50.0

80000

63,838 50.14 46.24 45.75 45.28 40.0 60000 41.84 40.70 41.63

42,325 30.0 % Y Growth

Rs. In crore In Rs.

o -

40000 Y 25,806 20.0

20000 10.0

0 0.0 Mar-13 Mar-14 Mar-15 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 CG SG Corporate Sector UOS NPS Swavalamban APY Total Y-o-Y % of growth

d. AUM per subscriber:

AUM per subscriber is maximum for CG sector (Rs. 3.4 lakh) followed by SG (2.3 lakh) and Corporate Sector (Rs. 2.3 lakh). Sectors who contribute voluntarily i.e. All citizen, NPS Lite and APY, have lower AUM per subscriber compared to mandatory subscribers.

AUM per subscriber (in lakh)

Mar-13 Mar-14 Mar-15 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep- Sector 16

CG 1.537 1.801 2.430 2.904 2.963 3.018 3.063 3.208 3.277 3.403

SG 0.655 1.001 1.378 1.966 2.029 2.065 2.098 2.209 2.252 2.336

Corporate 0.782 1.002 1.520 1.962 2.018 2.062 2.097 2.223 2.273 2.335

All Citizen 0.328 0.464 0.685 0.591 0.623 0.638 0.643 0.678 0.685 0.705

NPS lite 0.024 0.030 0.039 0.047 0.049 0.050 0.051 0.053 0.054 0.057

APY 0.021 0.023 0.024 0.026 0.029 0.031 0.033

ii. Overall Status of State Governments There are 29 states under NPS. Tamil Nadu has already notified but is yet to adopt NPS architecture. West Bengal and Tripura are yet to notify NPS. As on 24th September 2016, Uttar

Pradesh has the highest number of subscribers enrolled under NPS followed by Madhya Pradesh and Chhattisgarh. In terms of assets under management (AUM), Rajasthan has the highest AUM of Rs. 8,558.64 crores followed by Maharashtra and Madhya Pradesh. AUM per subscribers for state government employees is Rs. 2.34 lakh. It is highest for West Bengal and Tripura, which has adopted NPS only for AIS officials. They are followed by UTs i.e. Puducherry and Chandigarh. State wise position of State Government subscribers under NPS is given in the following table: 24th September, 2016

Total No. Date of Date of of Contribution AUM (Rs. AUM/Subsc # State Govt. Notificati Adoption Subscrib (Rs. In crore) In crore) riber (Rs. In on er lakh)

1. Andhra Pradesh 22-09-04 1/9/2004 164,937 3,825.12 4,729.74 2.87 2. Arunachal Pradesh 17-11-07 1/1/2008 11,523 106.43 116.5 1.01 3. Assam 25-01-05 1/2/2005 124,131 2,107.76 2,630.01 2.12 4. Bihar 31-08-05 1/9/2005 129,279 2,609.90 3,382.56 2.62 5. Chandigarh** 11/6/2009 1/1/2004 9,851 292.79 378.39 3.84 6. Chhattisgarh 27-10-04 1/11/2004 262,026 2,532.45 3,427.62 1.31 7. Goa 5/8/2005 5/8/2005 26,445 571.9 658.01 2.49 8. Gujarat 18-03-05 1/4/2005 131,194 2,716.61 3,508.57 2.67 9. Haryana 18-08-08 1/1/2006 107,201 2,976.03 3,901.53 3.64 10. Himachal Pradesh 17-08-06 15-05-03 70,824 1,945.35 2,534.86 3.58 11. J & K 24-12-09 1/1/2010 89,957 1,209.90 1,529.12 1.70 12. Jharkhand 9/12/2004 1/12/2004 89,103 1,787.58 2,465.87 2.77 13. Karnataka 31-03-06 1/4/2006 166,884 3,758.17 5,084.69 3.05 14. Kerala 7/1/2013 1/4/2013 52,578 310.86 357.49 0.68 15. Madhya Pradesh 13-04-05 1/1/2005 343,459 4,652.62 5,997.31 1.75 16. Maharashtra 31-10-05 1/11/2005 231,986 5,065.62 5,774.74 2.49 17. Manipur 31-12-04 1/1/2005 24,298 408.84 503.21 2.07

18. Meghalaya 24-03-10 1/4/2010 8,440 96.18 117.22 1.39 19. Mizoram 17-06-10 1/9/2010 3,730 63.12 72.97 1.96 20. Nagaland 28-01-10 1/1/2010 14,243 89.83 100.08 0.70 21. Orissa 17-09-05 1/1/2005 113,295 1,532.36 1,937.07 1.71 22. Puduchery** 7/3/2005 1/1/2004 10,629 379.97 484.19 4.56 23. Punjab 2/3/2004 1/1/2004 116,272 3,146.62 3,952.33 3.40 24. Rajasthan 28-01-04 1/1/2004 262,862 6,661.87 8,558.64 3.26 25. Sikkim 18-05-06 1/4/2006 9,982 188.47 235.69 2.36 26. Telangana 22-09-04 1/9/2004 117,963 2,344.45 3,070.08 2.60 27. Utarakhand 25-10-05 1/10/2005 66,135 1,717.70 2,301.95 3.48

28. Uttar Pradesh 28-03-05 1/4/2005 376,836 4,367.22 5,442.57 1.44 29. Tamil Nadu 6/8/2003 1/4/2003 - - - - 30. Tripura* No No 34 1.48 1.57 4.62 31. West Bengal* No No 155 7.23 9.7 6.26 Total 29 29 3,136,252 57,474.43 73,264.28 2.34 iii. UoS Sector (All citizens) in NPS As end of September 2016, 75 PoPs with 56,959 service providers are registered with PFRDA to provide NPS services to citizens. While the registration and contribution upload of Government and Government bodies employees is done by their respective Pay & Account offices, the private and the unorganized sector employees are serviced through the PoPs which are banks & non-banking finance companies. As on 24th September 2016, the total number of active accounts of All citizen subscribers under Tier I was 260,769 against 253,532 in August 2016. There are 49,540 subscribers having Tier II accounts under NPS as end of September 2016 against 31002 accounts as end of March 2016.

Total number of PoP & PoP-Sp & All Citizen subscribers in CRA:

Registered PoPs & PoP-SP in CRA March 2016 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Total number of registered PoPs in CRA 70 72 72 71 73 74 75 Total number of registered PoP-SP in CRA 55,580 55,644 55,647 56,065 56,893 56,908 56,959 Tier I Total active subscribers 204,536 225,605 231,056 237,471 245,384 253,532 260,769 Tier II

Total subscribers 31,002 33,091 34,450 35,283 42,739 46,062 49,340 iv. Total amount of subscribers’ contribution under UoS (Tier-I & Tier II): The contribution from Tier-I has increase from Rs. 1,372 crore as on 27 August to Rs 1,430 crore as on September 24, 2016. The contribution received under Tier II as on September 24, 2016 is Rs. 230 crore against the contribution of Rs 204 crore as end of August 2016. During the first half of FY 2015-16, the contribution under All citizen Tier I NPS has increased from Rs. 1170 crore to 1430 crore.

Contribution of individual subscriber (All citizen) March under NPS (Rs. In crore) 2016 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Tier I Total amount of subscribers contribution 961.58 1,169.53 1,213.06 1,257.07 1,318.27 1,372.28 1,429.94

Tier II Total amount of subscribers contribution 161.34 172.04 177.63 183.58 192.52 205.42 219.81 v. Total amount of AUM under UoS (Tier-I & Tier II) The AUM for UoS under Tier- I as end of September 2016 was Rs. 1596 crore against the AUM of Rs. 1513 crore as end of August 2016. During first half of the FY 2015-16, the AUM increased from Rs. 1013 crore to Rs. 1563 crore, i.e. 57.6 %. The AUM of Tier-II has also increased from Rs. 224.12 crore to Rs. 242.29 crore in the month of September 2016. During the FY 2015-16, Tier II AUM increased from Rs. 166 crore to 242 crore, i.e. 45.8%.

AUM of individual subscriber (UoS) under NPS (Rs. In crore) March Tier I Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 2016 Total Asset Under 1,226.31 1,287.25 1,333.16 1,452.57 1,512.97 1,595.69 Management 1012.60 Tier II Total Asset Under 178.76 186.61 192.84 210.28 224.12 242.29 Management 166.03 vi. Total number of corporate registration in NPS: The total number of corporate registered under NPS has increased from 2,728 as on 27th August to 2,808 as on September 24, 2016. During FY 2015-16, number of corporates registered under NPS have increased from 2354 to 2808.

Total Corporate registered Mar - 16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Total number of corporate registered in NPS 2,354 2,426 2,474 2,554 2,652 2,728 2,808

vii. Total number of subscriber, contribution & AUM registered in corporate Sector:

The number of corporate registered in NPS has increased from 2,728 to 2,808 with 521,083 subscribers registered under NPS as on 24th September 2016. The contribution received from the corporate subscribers as on September 24, 2016 was Rs. 9,782.71 Crore against which the AUM was Rs. 12,169.37 Crore. AUM per subscriber for Corporate Sector is Rs.2.34 lakh.

Total number of subscriber March ,contribution & AUM 2016 registered in Corporate Sector Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Total number of subscriber registered in Corporate Sector 4,72,076 479,487 487,431 495,452 504,019 513,132 521,083 Contribution amount (Rs. In crore) Contribution amount from corporate sector 7,872.76 8,268.42 8,540.47 8,826.50 9,167.68 9,483.84 9,782.71 Total Asset Under Management (Rs. In crore)

Total AUM of corporate sector 9,124.01 9,676.78 10,048.48 10,389.72 11,206.00 11,661.32 12,169.37

viii. Status of APY: The subscriber base of Atal Pension Yojana has reached 34.43 lakh as on September 24, 2016 from 24.85 lakh as end of March 2016. AUM under APY have reached to Rs. 1140 crore from 506 Crore as end of March, 2016.

Number of bank March 16-Apr 16-May 16-Jun 16-Jul 16-Aug 16-Sep registration 2016 Total number of Banks 372 376 377 385 390 392 392 registered under APY Total number of 2,484,895 2,620,143 2,857,868 2,981,063 3,143,750 3,267,259 3,443,079 subscribers registered Contribution amount (Rs. 491 572.63 657.15 742.85 850.65 930.13 1037.34 in crore) AUM under APY (Rs. In 506 595.07 686.24 779.23 921.88 1014.31 1139.79 crore) ix. PFM wise Return on NPS Schemes Returns since inception (in %) As on 30th Sep, 2016 Pension Funds→ SBI UTI LIC KOTAK RELIANCE ICICI HDFC CG 10.81 10.37 10.46 SG 10.47 10.50 10.63 Corporate-CG 11.46 11.75 E 9.32 11.52 13.75 10.41 10.58 11.62 16.72 TIER I C 11.56 10.07 12.76 11.47 9.93 11.49 12.65 G 10.72 9.34 13.84 9.60 9.23 9.67 12.93 E 8.90 9.03 7.99 9.42 9.00 8.86 11.47 TIER II C 11.23 10.31 10.83 10.11 9.67 11.44 10.55 G 11.02 10.61 14.18 9.44 9.66 9.92 13.72 NPS Swavalamban 11.69 11.50 11.43 11.88

16 x. PFM wise Total Assets under Management under NPS schemes As on 30th Sep-2016

Total Assets (Rs. In crore) Mar- Mar- Mar- Mar- Mar- Mar- Apr- May- Jun- Aug- Sep- 11 12 13 14 15 16 16 16 16 Jul-16 16 16 Scheme↓ CG 7266 11256 17313 24188 36736 48135 49468 50833 52398 54923 56760 58963

SG 1229 3555 10823 20211 36396 57693 59996 62073 64537 68090 71555 73799 Corporate CG - - 693 1810 4105 6805 7096 7387 7692 8191 8584 8923.7 E 28 64 168 356 655 1181 1264 1363 1443 1558 1648 1676.4 TIER I C 20 48 129 247 470 888 938 968 1008 1066 1122 1176.5 G 29 78 245 409 771 1325 1405 1450 1521 1626 1710 1786.3 NPS Swavalamban 3 141 436 844 1606 2108 2210 2241 2279 2361 2509 2547.3 E 4 7 14 26 44 60 64 68 72 78 84 86.98 TIER II C 3 8 16 24 38 55 57 59 61 65 70 75.92 G 4 7 13 20 35 54 57 60 63 68 74 81.17

Section 4: Circulars/Notices/Guidelines/RFP Issued

CIRCULARS

1) Circular on Advisory fee under PFRDA (Retirement Adviser) Regulation (PFRDA/ 36/R&S/RA/4) Dated 22 Sep, 2016. i) As per Regulation no. 15 of the PFRDA (Retirement Adviser) Regulations, 2016 the on-boarding fee of Rs. 120/- and transaction fee of Rs. 20/- per transaction or a maximum of Rs. 100/- per annum, for subsequent services, have been stipulated. ii) Further to the above mentioned charges, it has been decided by the Authority that an advisory fee of 0.02% may also be charged from any existing subscriber on their assets under management (AUM) of NPS or any other scheme regulated by PFRDA, on the date of advice, subject to a minimum of Rs. 100/- and maximum of Rs. 1000/- per annum, for providing advice to the subscribers. iii) The scope of such advice being provided by the retirement advisers in any manner, either oral or in writing to the subscribers will be limited to asset allocation and choice of Pension Fund Manager (PFM) for their financial assets under NPS or any other scheme regulated by PFRDA. iv) The advisory fee can be charged by Retirement Adviser (RA) only when subscriber has signed an agreement with the RA for providing advice, wherein the lower and upper limits of advisory fee, as specified by the Authority should be mentioned. No advisory fee shall be charged at the time of onboarding of the subscriber other than the onboarding fee of Rs. 120/-. 2) Request for Proposal for selection of Pension Funds (PFs) for NPS Private Sector Schemes (excluding CG, SG & APY) or any other scheme regulated /administered by the Authority

1. The Central Government has introduced the National Pension System (NPS) with effect from 01 January 2004. Initially the National Pension System covered new entrants to Central Government services (excluding Armed Forces) and some State Government services. From 1st April 2009, Authority has extended NPS to all citizens of India.

2. The NPS is based on a unique individual Permanent Retirement Account Number (PRAN) created for individual subscribers. In this system, a subscriber shall periodically contribute savings into his/her Permanent Retirement Account (PRA) while he/she is working and shall use the accumulations at retirement to procure a pension for the rest of his/her life. Subscribers in this system shall enjoy a variety of important facilities and rights including portability across jobs and locations, rights and choices regarding selection of Pension Fund(s) and schemes, freedom to switch between Pension Funds and service providers and nationwide access over a period of time.

3. PFRDA has already put in place the institutional framework and infrastructure required for administering the „National Pension System‟ (NPS). Various institutional entities such as Central Record Keeping Agency (CRA), Custodian, Point of Presence (POP), Pension Funds (PFs), Trustee Bank (TB), Aggregator, Annuity Service Provider and NPS Trust have been appointed and are now functional.

4. The recordkeeping and administration functions for all subscribers of the National Pension System are centralized and performed by a Central Recordkeeping Agency (CRA). The CRA issues the unique PRAN to each subscriber, maintains a master database of all pension accounts and records the transactions related to each subscriber's PRAN.

5. This pension system is envisaged to be based on two types of sub-accounts Request For Proposal 2016 created for individual subscribers:

(i). Tier-I non-withdrawable pension account, and

(ii). Tier-II withdrawable savings account.

6. A RFP has been floated with an objective to appoint a maximum of 10 (Ten) professional Pension Funds to manage the pension corpus of National Pension System (NPS) excluding schemes under the NPS for Central Government & State Government and other Pension Scheme namely Atal Pension Yojana (APY). PFRDA may in future embark on a selection process separately for management of schemes specifically excluded under this selection process or any other new or existing scheme regulated or administered by PFRDA under the provisions of the PFRDA Act, 2013.

7. Proposals received in response to RFP will be evaluated in terms of the conditions laid out and the entities which are thus selected as sponsors of Pension Funds by Authority will be required to incorporate Pension Funds (existing pension funds incorporated by the respective Sponsor(s)are not required to incorporate PF again). Pension Funds of the selected Sponsors will be registered in accordance with the provisions of the PFRDA Act 2013 and PFRDA (PF) Regulations 2015. The Pension Fund shall also be required to perform its operations in compliance with any regulations/ guidelines/notifications/ directions/circulars issued by PFRDA and the Investment agreement / Tripartite Agreement to be executed with the NPS Trust and Custodian of securities or such other agreement to be executed with other intermediaries, if and when so directed by the Authority.

8. All the existing Pension Funds initially appointed by interim Authority / Authority are continuing as per regulations 3 (5) of PFRDA (Pension Fund) Regulations 2015. During the transition period without being evaluated specifically under the PFRDA ( Pension Fund ) Regulations 2015. The sponsor(s) of those existing Pension Funds now desirous of continuing the operations under NPS will also be required to submit their proposal in response to the RFP document and such Sponsors, will be evaluated as per the laid down criteria under the PF Regulations 2015 and the RFP There shall be no special dispensation in favour of any pension funds or their sponsors, subject however that atleast one of the pension funds selected under this process shall be a government company.

9. The proposed selection of the sponsor(s) and consequent registration of Pension Funds , under the RFP process and under the PFRDA (PF) Regulations 2015, shall be valid for a period of five (5) years from date of Registration , or such further period as may be extended by the Authority unless

19 such registration Request For Proposal 2016 is terminated earlier. The Registered Pension Fund and their sponsors shall continue to satisfy the eligibility conditions as proposed and as prescribed under the PFRDA Act 2013 and PF regulations, for continuance of its registration as a Pension Fund, during the validity period/ extended period, failing which, the registration to the pension fund is liable to be withdrawn/cancelled.

10. All the applications received in response to the RFP document will be evaluated on the prescribed minimum eligibility criteria, technical and commercial parameters.

11. Unless re-selected under this process, the existing sponsor(s) and Pension Fund(s) shall cease to function as sponsor(s) and Pension Fund(s) respectively for schemes regulated / administered by PFRDA on a date decided for this purpose by the Authority. Consequent to the proposed appointment of sponsor(s) and registration of Pension Funds under the current process, the transfer of assets under management from the exiting Pension Fund(s) to the newly registered Pension Fund(s) / Default Pension Fund(s) will be undertaken as per the instructions issued by PFRDA on a date specified by the Authority for such transfer.

12. The PFRDA reserves the right to appoint one or more default Pension Fund for different categories of subscribers as per guidelines laid down from time to time.

13. The RFP does not bestow any right on the Pension Funds to get allocation of subscribers/ section of subscribers or any business / section of business.

14. The sponsors(s) and PF(s) shall abide at all times with the provisions of the PFRDA Act, 2013 and the rules and regulations made thereunder and particularly the PF Regulations 2015, the NPS Trust Regulations 2015 and any general or special directions, notifications, guidelines or clarifications issued by the Authority from time to time. If the sponsors(s) and/or the PF fails to comply with the above at any point of time, the registration of PF is liable to be cancelled/suspended by the Authority in the manner specified under PF Regulations, 2015.

Section 5: Training/Workshop/Conference/Meeting conducted

 PFRDA conducts Strategy cum Review meeting with POPs under NPS (All Citizen and Corporate) (Dated 05th Sep-2016)

PFRDA conducted strategy meeting on 29.08.2016 at Bangalore for Southern Region Public Sector Banks, Private Sector Banks, Private entities and India Post. The review meeting was conducted in coordination with Syndicate Bank.

Shri Arun Srivastava, MD and CEO, Syndicate Bank inaugurated the session and deliberated the importance of pension requirement during the old age.

Shri A G Das, Chief General Manager, PFRDA had addressed the meeting where Chairmen / Post Master General / Senior officials of the Public Sector Banks, Private Sector Banks, Private entities and India Post were present and informed the fellow Bankers / officials of India post /

Private entities to dedicate their commitment for the NPS scheme under all citizen and corporate model.

A review on the past and current performance of the Banks / India post / Private entities was conducted. The POPs finalized a cohesive action cum strategy plan and committed to meet stipulated target, ensure penetration of NPS.

The recent developments under NPS (All citizen and Corporate) are listed below: i. Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/ ii. Minimum contribution of Rs 250/- per annum and maintenance of balance Rs 2,000/- at the end of financial year in Tier-II account has been waived. iii. All the frozen accounts under Tier-I and Tier-II have been unfrozen. Subscribers can contribute in the normal process through POP or through e-NPS. iv. Introduced service charges for POPs for the transactions made through e-NPS.  PFRDA conducts Strategy cum Review meeting with Service Providers under APY at Bangalore. (Dated 05 Sep-2016) The APY was launched by Honourable Prime Minister of India on 09th May, 2015 and became operational from 1 st June, 2015. APY is available for all citizens of India in the age group of 18- 40 years. Under the APY, the subscribers would receive a minimum guaranteed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY. There are approximately 33 lacs subscribers registered in the scheme till date. PFRDA had conducted strategy meeting on 29.08.2016 at Bangalore for Southern Region Public Sector Banks, Private Sector Banks, Regional Rural Banks and India Post. The review meeting was conducted in coordination with Syndicate Bank.

The APY service providers-Banks/ India Post finalized a cohesive action cum strategy plan to meet stipulated target, ensure penetration of APY to the last mile and to resolve the issues in promoting the scheme to grass root level. The recent developments under APY is listed below:

i. Option for Spouse to continue to contribute in APY account of subscriber for balance period on premature death of subscriber before 60 years, so as to avail pension by Spouse. ii. eAPY offers internet Banking based APY enrolments through APY service providers‟ portal and in this case no need for submission of physical application form or to visit bank branches for joining APY. iii. Upgrading / downgrading pension amount. In this option, a subscriber opted for a pension amount can either increase or decrease the amount of pension.

 PFRDA conducts Strategy cum Review meeting with Service Providers under APY at Chennai. (Dated 16 Sep, 2016)

1 PFRDA conducted strategy meeting on 09.09.2016 at Chennai for Southern Region Public Sector Banks, Private Sector Banks, Regional Rural Banks and India Post. The review meeting was conducted in coordination with Bank.

2. Shri A G Das, Chief General Manager, PFRDA addressed the meeting where Chairmen/ Post Master General / Senior officials of the Public Sector Banks, Private Sector Banks, Regional Rural Banks and India Post were present. A review on the past and current performance of the Banks / India post vis-a-vis their target for last and current financial year was conducted. The APY service providers-Banks/ India Post finalized a cohesive action cum strategy plan to meet stipulated target, ensure penetration of APY to the last mile and to resolve the issues in promoting the scheme to grass root level.

 NPS Awareness Session for State Autonomous Bodies (PSUs/Boards/Corporations) of Govt. of Uttarakhand and Special SLBC meeting on APY at Dehradun. (Dated 26 Sep, 2016)

NPS awareness programme for State Autonomous Bodies was organised on 15-09-2016 by Govt. of Uttarakhand in association with PFRDA for bringing the unregistered State Autonomous Bodies under NPS. 45 participants from 22 State Autonomous Bodies (PSUs, Boards, and Corporations) have attended the conference.

Shri L N pant, Additional Secretary Finance, Government of Uttarakhand had urged all the employees of unregistered State Autonomous Bodies to join NPS. Shri A.G Das, Chief General Manager, PFRDA has delivered the keynote address and briefed the audience about the contours of Old Age income security, benefit of joining NPS and also requested the state to implement NPS for State Aided Institutions / Colleges. Also, it was requested to the state to implement NPS more inclusively among the State Autonomous Bodies/ Public Sector Undertakings/ Boards /Corporations forming part of EPF.

PFRDA official has given the presentation on NPS for State Autonomous Bodies/ Public Sector Undertakings/ Boards /Corporations covering key features and benefit of NPS, details and process of joining of NPS, details of NPS architecture and investment and exit guidelines of NPS.

The State had adopted NPS for State Government employees, Public Sector Undertakings, Autonomous Bodies, Boards and Universities in the State effective from 1st October 2005. As on date, the State has registered more than 60,700 subscribers from various departments of the State Government and has contributed more than 2105 crores into NPS.

There are 40 State Autonomous Bodies registered under NPS and has registered more than 5200 subscribers and had contributed more than Rs. 126 Crores.

Total No. of subscribers in Uttarakhand including State Government and State Autonomous Bodies employees is more than 65,900. The Total Asset under Management is more than 2232 Crores.

A Special SLBC meeting was conducted at Dehradun for sensitizing the bank/DoP officials of Uttrakhand for the importance of Atal Pension Yojana where Banks //Dop were review for their current performance under APY. It was urged by CGM, PFRDA to enhance the performance and extended the guaranteed benefit of APY to maximum subscribers.

Workshop on NPS & performance review of DTOs and SABs of Government of Karnataka on 22.08.2016 and 23.08.2016 respectively at Bengaluru

Government of Karnataka organized two days workshop on NPS . DTOs of the State were called for the workshop. The workshop was inaugurated by Ms Jyoti , Director ( Treasuries & Account ) . She highlighted the progress of NPS implementation in the State and also shared new decisions taken by the government on the NPS implementation including automation of K- 2 with respect to NPS.

Sh. Pravesh Kumar, DGM gave a presentation on NPS & its features and explained all the queries of the participating officials in detail. In the end of this presentation detailed discussion on performance of DTOs was undertaken and PFRDA official suggested various means of monitoring various parameters of NPS implementation .

Various issues beside issues of delay in contribution and how delay effects projected corpus , interest rate scenarios & its correlation with inflation , NPS in comparison of Foreign pension funds, FDI in pension sector ,old pension scheme v/s NPS etc. were discussed.

NSDL officials also gave a presentation of various operational issues like handling of grievances, resetting of I-PIn , online exit, ERM , and also shared new functionally developed for subscriber as well as for DTOs like DDOs login and Mobile app for NPS subscribers. All queries related to operational issues of participating officials were explained in detail by the NSDL officials.

More than 240 officials including 208 DTOs officers and other officials of Treasury & Accounts participated in the workshop on 22-08-2016 . More than 35 officials from 21 SABs and other officials of Treasury & Accounts participated in the workshop on 23-08-2016.

Workshop organized for PAOs of North Western Railways on 21 September 2016 at North Western Railways HQ ,Jaipur

Mr. Vijay Singh Meena ,IRAS , deputy chief accounts officer ( DCAO ) ,North Western railways inaugurated the session and addressed the participants to understand the scheme and take steps for further improve the implementation of NPS in the NWR.

Sh. Pravesh Kumar, DGM gave a presentation on NPS features, tax incentives , investment pattern , returns & regulations related to exit and grievances and also discussed the various operational issues like subscriber registration, subscriber Coverage, PRANs with “ NIL Credits” , uploads by PAOs ,Non-IRA , Non uploading by all PAOs , Grievance pendency , PRANs without nominations ,phone & email ids and multiple PPAN cases pending items in pool . All participants actively participated in the discussion and PFRDA official provided clarifications on various issues.

CRA gave a presentation on DDO login & operations , online exit , handling of grievances and other new initiatives in the CRA system. PrAO and all the participants thanked PFRDA for organizing this workshop and clarifying various queries and operational issues. More than 50 officials of NWR participated in this workshop.

Workshop organized for PAOs of Eastern Railways on 28 September 2016 at Eastern Railways HQ ,Kolkata

Mr. Ramesh Kumar ,Deputy chief accounts officer ( DCAO ) ,Eastern railways inaugurated the session and addressed the participants. PFRDA official gave a presentation on NPS features, tax incentives , investment pattern , returns & regulations related to exit and grievances and also discussed the various operational issues like subscriber registration, subscriber Coverage, PRANs with “ NIL Credits” , uploads by PAOs ,Non-IRA , Non uploading by all PAOs , Grievance pendency , PRANs without nominations ,phone & email ids and multiple PPAN cases pending items in pool . All participants actively participated in the discussion and PFRDA official provided clarifications on various issues.

Training program on NPS & performance review of DTOs on 16-09-2016 at Jaipur

A detailed presentation on NPS & its features was given by Sh. Pravesh Kumar, DGM. He explained all the queries of the participating officials in detail. In the end of the presentation detailed discussion on performance of DTOs was undertaken and PFRDA official suggested various means of monitoring various parameters of NPS implementation. CRA official covered the operational issues related to functioning of CRA system. More than 25 officials/DTOs of Government of Rajasthan participated in the training program.

Meeting with State Nodal officers of the Karnataka and Rajasthan

In addition to workshops/ training programs , PFRDA official had a meetings with State Nodal officials of Karnataka ( Ms Jyoti k, Director (Treasury & Accounts) and Rajasthan (Mr.N.K. Surelia, Senior Additional Director ( SIPF ) along with other officials . Various policy and operational matters were discussed and road ahead discussed for more effective implementation and monitoring. Matter related to increase the awareness among employees was also discussed in detail. It was suggested a session on NPS should be made mandatory in all the trainings programs in the States. NPS brochure prepared by PFRDA may be shared with all new joinee and may be made a part of joining letter for providing information on NPS.

Training of Intermediaries

PFRDA strives for promotion and development of an organized pension system to serve the old age income needs of people on a sustainable basis and towards this aim, training programmes have been initiated for the nodal offices across all the intermediaries under National pension system with the objective to increase awareness about the pension schemes, their features, benefits and latest development.

PFRDA has appointed Crux Management Services (P) Limited, for imparting training to nodal officers across the country. Nominations have been received for training under Atal Pension

Yojana and NPS. As on 30th September 2016, 405 training sessions have been conducted across the country and 15929 participants have been trained.

 NPS- 287 training sessions  APY- 118 training sessions

Section 5: Macro-Economic Statistics

As on 31st Aug As on 30th Indicators Units Absolute Change Percentage Change 2016 Sep, 2016 1 2 3 4 5= Col 4- Col 3 6= {Col 5/Col 3} *100

S&P BSE Sensex - 28,452.17 27,865.96 -586.21 -2.06 CNX Nifty - 8786.2 8611.15 -175.05 -1.99 Rs/$ - 66.98 66.66 -0.32 -0.48 Gold Rs/ 10 gm 30,741 31,075 334 1.09 Brent Crude $/barrel 47.04 49.06 2.02 4.29 Whole Price Index ON - 183.1 -0.3 3.57 (y-o-y) BASE 2004-05=100 182.8 Consumer Price Index - 131.1 -0.3 4.41 (y-o-y) ON BASE 2012=100 130.8 Index of Industrial Production ON BASE - 176.1 175.3 -0.8 (-)0.7(y-o-y) 2004-05=100 10 year G-Sec Yield % p.a 7.11 6.82 -0.29 -4.08 Foreign Exchange USD in bn 367.17 4.82 1.31 Reserve 371.99 Net FPI/FII(Equity) (Rs. Rs. Crore 9071.32 1371.93 15.12 crore) 10443.25 Net FPI/FII (Debt) Rs. Crore -2624.87 12414.23 -472.95 9789.36 Net FII (Total) Rs. Crore 6446.45 20232.61 13786.16 213.86 * Figures of July and August, 2016

Source: BSE, NSE, RBI, CSO, SEBI

 India SENSEX Index decreased -586.21points or -2.06 to 27,865.96 on 30th September from 28452.17 as end of August 2016. The Sensex was mildly lower, dragged down double whammy effect of geopolitical tensions at India-Pakistan border.  Nifty 50 closed at 8611 as on 30th September, 2016, a fall of -1.99 percent from end August level of 8786.  Brent crude oil increased 2.02 USD/BBL or 4.29 % to 49.06 on 30th September, 2016 from 47.04 in August 2016.  India Government Bond 10Y decreased 4.08% to 6.82 on 30th September, 2016 from 7.11 as end of August 2016.  There was net inflow of Rs. 20232.61 crore foreign portfolio investment in India in the month of September, 2016, against the inflow of Rs. 6446.45 crore in the month of August, 2016.  Foreign Exchange Reserves in India increased 4.82 USD Billion or 1.31% to 371.99 USD Billion on 30th September, 2016 from 367.17 USD Billion in August 2016.

 US Dollar to Indian Rupee Exchange Rate is at a current level of 66.66, down from 66.98, the previous market month.  India's consumer prices increased by 4.41 percent year-on-year in September 2016, easing from a 5.05 percent growth in the previous month. It was the lowest inflation rate since August 2015, as food cost rose at a slower pace. On a monthly basis, consumer prices fell 0.23 percent.  Indian wholesale prices rose 3.57 percent year-on-year in September 2016, following a 3.74 percent gain in August. It was the sixth straight month of increase and the lowest figure since June 2016.  Remaining in the negative for the second month in a row, industrial production contracted by 0.7 per cent in August 2016 due to slump in manufacturing, mining and capital goods segments. Index of Industrial Production (IIP), had slipped to a eight-month low of (-)2.49 in July on account of declining output in manufacturing and capital goods sectors. On cumulative basis, the factory output in April-August 2016 contracted by 0.3 per cent, compared to growth of 4.1 per cent in the year-ago period.

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