Pension regulator PFRDA has asked banks, Indian embassies and high commissions and the ministry of overseas Indian affairs to try to extend the coverage of the National Pension System (NPS) to the over 1.1 crore NRIs in around 192 countries.
PFRDA chairman Hemant Contractor said on Wednesday that after the regulator took up the issue of RBI rules not explicitly allowing NRIs to invest in NPS, like it had permitted them to invest in mutual funds and insurance schemes, the banking regulator recently clarified that NRIs can invest in NPS too. NPS is a voluntary, defined contribution retirement savings scheme designed to enable subscribers to enable systematic savings during an individual’s working life.
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