RBI allows NBFCs to offer new pension scheme

MUMBAI: The Reserve Bank of India has allowed systematically important non banking finance companies to sell and market the new pension scheme ( NPS).

NBFCs with asset size of ? 500 crore and above that have made a net profit in the preceding financial year be permitted to sell NPS to their clients after registration with the pension regulator.

"Eligible NBFCs extending such services shall ensure that the NPS subscription collected by them from the public is deposited on the day of collection itself with the trustee bank" RBI said.