The Pension Fund Regulatory and Development Authority (PFRDA) set a target to add 2–3 crore new subscribers to the National Pension System (NPS) over the next two years. The announcement was made on 1 October 2026 by PFRDA Chairperson S. Ramann. The expansion plan is linked to the NPS Tatkal facility, which allows direct enrolment and contribution through Unified Payments Interface (UPI) applications.
National Pension System
The National Pension System is a contributory pension scheme regulated by PFRDA under the PFRDA Act, 2013. It is available to central government employees, state government employees in many states, and citizens in the private and unorganised sectors. NPS accounts are linked to Permanent Retirement Account Numbers (PRANs), which remain portable across jobs and locations.
NPS Tatkal Facility
NPS Tatkal is a digital onboarding facility for opening an NPS account through a UPI application. It began with NPCI’s BHIM UPI application and uses a KYC-verified bank account for account creation. The process removes the need to re-enter personal details when the bank account already contains verified KYC information.
Bank Participation and Coverage
Five banks have joined the NPS Tatkal initiative for UPI-based onboarding. These banks are State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and IDFC FIRST Bank. The facility is intended to widen pension coverage in tier 2 and tier 3 cities and among workers in the private and informal sectors.
Important Facts for Exams
- PFRDA is the statutory regulator for pension products under the National Pension System in India.
- NPS is a defined contribution pension scheme, and the final pension depends on accumulated corpus and annuity purchase.
- UPI is operated through the National Payments Corporation of India, which manages retail payment infrastructure in India.
- PRAN is a unique permanent number issued to every NPS subscriber.
Exam-Relevant Points
NPS is open to Indian citizens between 18 and 70 years of age under the all-citizens model. The scheme uses market-linked investments through pension fund managers regulated by PFRDA.
