PFRDA Chief On Tech-Driven Pension Expansion

The NPS Instant Platform: A UPI-Based Approach

He said the regulator has developed the NPS Instant platform, which is designed around a UPI-based digital framework. The platform will allow users to open a pension account through a few clicks on their mobile phones and subsequently make contributions directly through UPI.

Raman said the initiative follows Prime Minister Narendra Modi's emphasis on making pension access as simple and convenient as digital payments through UPI.

What Is The e-Shram Database: e-Shram is a Ministry of Labour database that registers and verifies India's unorganised-sector workers — gig workers, migrant labourers, domestic help and others without formal employment records. Since these workers typically lack the paperwork trail needed to easily open financial accounts, using e-Shram's already-verified information means PFRDA can pre-fill much of what's needed to set up a pension account, cutting down the friction that has historically kept this workforce out of formal pension coverage.

The e-Shram database maintained by the Ministry of Labour is expected to be an important enabler in this effort, he said. The database contains verified information on a large number of workers, much of which can be used for opening pension accounts.

"The idea is to use technology to make the process simple enough for workers to join the pension system digitally," Raman said, adding that PFRDA is working on multilingual and user-friendly solutions to ensure wider adoption across the country.

Guaranteed-Return Pension Products

On guaranteed-return pension products, Raman said developing such products is part of PFRDA's statutory mandate. While the government has incorporated a guarantee mechanism under the Unified Pension Scheme (UPS) for government employees, creating a similar institutional framework for the non-government sector remains a major challenge.

An expert committee is examining the issue and evaluating various options, he said. PFRDA is also working on several products that could eventually form the foundation for guaranteed-return pension schemes.

New Product 'Swastya' Nears Launch

Raman also announced that PFRDA has developed an innovative product called 'Swastya,' for which the proof of concept has been successfully completed.

Final guidelines for the product are expected shortly, with a formal launch likely within the next 30 days, he said.

Bond Market Update From SEBI

Meanwhile, SEBI Executive Director Maninder Cheema told IANS that India's bond market is gradually gaining traction among retail investors, with Online Bond Platform Providers (OBPPs) playing an important role in widening access.