The launching of New Pension Scheme - NPS vatsalya through video conferences was held at the State Level Bank Committee office, Kohima on 18th September 2024 organised by SLBC and NABARD. The NPS vatsalya scheme was launched by the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman across 75 locations via Video conference at Vighyan Bhawan, New Delhi.  

A plan for contribution by parents and guardian for minors was introduced by Nirmala Sitharaman, Union Finance Minister and Corporate Affairs during Budget 2024 session. The scheme envisages the minor to start investing in pension at an early stage, upon reaching the age of majority, the plan can be seamlessly converted into a regular account. This scheme is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA). The NPS Vatsalya account can be opened with a minimum contribution of Rs 1,000/- annually and above.

The launching of the scheme was attended by all State Level Bankers' Committee in collaboration with NABARD in all states and Union Territories involving student age between 8-18 Yrs of age.

(Kazihito IA)