NPS is getting a major makeover: PFRDA bets on UPI and new products to expand its reach

The push is also visible in the way PFRDA is taking NPS to people. On NPS Diwas 2026, the regulator launched its NPS Sanchay Pension Yatra, with four yatras starting from Delhi, Ahmedabad, Bengaluru and Kolkata. The campaign, started on October 1, will end on October 16. The focus is on spreading pension awareness and making NPS easier to access.

Enrollment of 2-3 cr new NPS subscribers

After the implementation of the UPI-based NPS tatkal platform, PFRDA has stated that it anticipates 2-3 crore new NPS subscribers over the next two years.

The chairperson stated that the digital onboarding mechanism could potentially and significantly broaden NPS's reach, particularly among employees in the informal and non-government sectors.

The National Pension System (NPS) had 2.33 crore subscribers and total assets under management (AUM) of Rs 17,49,093 crore as of September 27, 2026, according to PFRDA.

An NPS account can be opened by any Indian citizen between the ages of 18 and 70. By visiting the eNPS website and entering their PAN and bank details, subscribers can open an NPS account online.

UPI unboarding

NPS Tatkal is one of the major initiatives that we believe will spread NPS throughout the nation, according to Sivasubramanian Ramann, Chairperson of the PFRDA.

Ramann further highlighted that the facility to open an NPS account via the BHIM app is currently available to customers of State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, and IDFC FIRST Bank.

NPS Tatkal enables anyone to join the National Pension System in just three clicks through UPI, marking a decisive step in the journey from Digital Bharat to Pensioned Bharat, according to PFRDA.

An individual will be able to register an NPS account through the UPI provider under NPS Tatkal, and their contributions will also be made through the UPI system. Users' bank accounts' KYC will be used; thus, they don't need to input any detailed information.

In a circular dated August 14, 2026, PFRDA clarified the Tatkal NPS framework and explained that, although the Bank-PoP continues to properly complete the onboarding and KYC procedures, the previously mandatory fields "Nominee Name" and "Nominee Relationship" will now be considered optional.

Further, the "FATCA-CRS and relevant data fields" should be recorded as inputs directly from the subscriber. As a result, it will no longer be necessary to collect the "FATCA/CRS and Relevant Data Fields," which were previously mandated to be received from the CBS.

In a circular dated July 23, 2026, PFRDA stated that although the PoP will be responsible for completing the onboarding and KYC process, the field "Photograph," which was previously designated as a mandatory field, has now been moved to the "optional" field category under the NPS Tatkal onboarding framework. This modification will be in effect until December 31, 2026.

The subscriber will not be allowed to change the PoP until the BankPoP has properly updated the subscriber's photo in the CRA records. In compliance with the PFRDA Exit and Withdrawal Regulations, the NPS account will also be placed under a debit freeze, limiting withdrawals and exits. Nonetheless, the NPS account will still be open for contributions.

New products

The Pension Fund Regulatory and Development Authority (PFRDA) launched StAR NPS, a digital onboarding platform established by BSE Technologies Private Limited (BTPL) in June 2026 to streamline and accelerate subscriber registration.

In June 2026, PFRDA introduced PFRDA Pension Sahayak, an AI-powered grievance redressal portal aimed at giving subscribers of PFRDA-regulated pension plans an easy-to-use, transparent grievance resolution process.

Key issues that pension subscribers had with the previous grievance management system are addressed with the new portal. Subscribers no longer need to remember their PRAN credentials in order to log in using their mobile number and OTP.

Easy access across pension accounts is ensured by the automatic display of several PRANs associated with a single mobile number under a single login. 22 Indian languages are supported by PFRDA Pension Sahayak.

In an effort to improve long-term wealth creation potential, the National Pension System Trust, under the direction of Chairman Shri Dinesh Kumar Khara, established the NPS Bharat Fund of Funds (FoF) Platform on July 13, 2026. With subscriber rights and long-term risk-adjusted returns, the FoF offers pension savings with a well-structured pension allocation system and professionally managed AIFs.

"Together, these initiatives and reforms reflect the spirit of "A Year of Reforms. A Journey of Transformation" and PFRDA's continued endeavour to build a more inclusive, accessible and future-ready pension ecosystem," stated PFRDA.

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