17 September 2024 : PIB Summary For UPSC
1. Union Finance Minister Smt. Nirmala Sitharaman to launch NPS Vatsalya Scheme on September 18, 2024
(Source – https://pib.gov.in/PressReleseDetail.aspx?PRID=2055393 )
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The NPS Vatsalya scheme:
Key Features:
- Allows parents to open a pension account for their children.
- Flexible contributions starting from Rs. 1,000 annually.
- Investment options designed for families from various economic backgrounds.
- Permanent Retirement Account Number (PRAN) cards will be issued to new minor subscribers.
Objectives:
- Promotes early financial planning for children’s future.
- Encourages long-term wealth accumulation through compounding.
- Aims to enhance financial security and independence for future generations.
Administration:
- Managed by the Pension Fund Regulatory and Development Authority (PFRDA).
- An online platform will be launched for easy subscription and management.
Significance:
- Marks a significant step in India’s pension system by ensuring early financial security.
Demonstrates the Government of India’s commitment to promoting financial planning from a young ag
