RBI allows large NBFCs to offer NPS

The Reserve Bank of India has allowed systematically important non-banking finance companies to offer the new pension scheme (NPS). NBFCs with asset size of Rs 500 crore and above, that have made a net profit in the preceding financial year be permitted to offer NPS after registration with the pension regulator.

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