PFRDA Targets 3 Crore New NPS Subscribers Over Two Years; Pushes Digital Onboarding

The Pension Fund Regulatory and Development Authority (PFRDA) is targeting around 3 crore additional National Pension System (NPS) subscribers over the next two years as it seeks to widen pension coverage beyond government employees.

PFRDA Chairperson S Ramann said technology-led onboarding will be central to the expansion. The regulator is working on NPS Tatkal, which will use UPI-linked processes to make account opening and contributions easier through an existing bank account.

More attention is now going to workers outside the government sector. Those in the informal economy are especially affected, since dedicated retirement savings arrangements remain limited.

NPS And APY Subscriber Base Crosses 10 Crore

NPS and Atal Pension Yojana (APY) together crossed 10 crore subscribers in September 2026, while assets under management reached about ₹18 lakh crore.

The non-government segment has also been expanding, with subscribers across the All Citizen, Corporate and NPS Vatsalya models rising 23% year-on-year to around 85 lakh by June 2026.

NPS Vatsalya, which enables parents to open pension accounts for children, recorded nearly threefold growth during the period.

NPS Onboarding Moves Towards UPI And Assisted Access

The UPI-linked system is designed to reduce friction during registration by allowing banks to use KYC information already available for their customers.

PFRDA also plans to use:

• Common Service Centres to reach underserved workers

• Banks as distribution and onboarding channels

• Digital processes to reduce paperwork and simplify contributions

• Pre-set asset allocation options for subscribers who do not want to make investment decisions themselves

The regulator's broader objective is aligned with the government's “Pension for All” target for 2047.

NPS Swasthya Adds Health Cover To Retirement Savings

PFRDA is also expanding NPS beyond retirement savings through NPS Swasthya, which combines an NPS account with a family floater super top-up health insurance policy.

Operational guidelines issued on 18 September provide for health cover of up to ₹30 lakh. Subscribers can also use a portion of their NPS contributions for eligible hospital expenses, with payments settled directly with the hospital.

At the same time, PFRDA has formed a committee to examine direct investments in infrastructure projects, alongside its planned investments through AIFs, REITs and InvITs.

The regulator's next phase therefore combines wider distribution with simpler investment choices and additional products, while directing greater attention towards households that remain outside formal pension coverage.

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