S Ramann, PFRDA Chairperson, highlighted the need for banks to boost pension coverage across India, especially from private lenders. Improved financial
literacy is key.
Coverage Expansion Urged
S Ramann, the PFRDA Chairperson, called upon banks to enhance efforts in expanding pension coverage. This includes a specific call to action directed towards private lenders. It is aimed at extending the safety net of financial security to a wider audience across the nation. The core message is about proactive measures for a financially secure future.
Improving Persistency Rates
A crucial aspect highlighted was the need to improve persistency rates within the pension system. This means encouraging continued participation. Ensuring that individuals remain invested in their pension plans over time is critical. This effort supports long-term financial stability for the participants.
Financial Literacy Drive
Financial literacy is a core factor in increasing pension coverage. The initiative aims to educate individuals about the importance of pensions. This will empower them to make informed decisions about their financial futures. Educating the masses is crucial to achieving the goal of wider pension accessibility.
Bank's Key Role
Banks are expected to play a pivotal role in improving pension coverage. The PFRDA's focus is on enlisting banks to make the pension scheme more accessible. These banks are essential in helping the nation achieve the goals of the pension scheme, and ultimately strengthen the financial health of the nation.
