NPS Lite Aggregators List

The Indian government fundamentally initiated the NPS Lite. It is a low-profit individual’s pension scheme. About 76 enterprises are allowed to operate as NPS aggregators under this scheme. The low-profit pension plan aims to enhance the well-being of individuals who are at a financial disadvantage. Millions of individuals not covered by conventional or typical retirement plans and schemes can now attain retirement advantages with the aid of a particular program. The diligent laborers and workers in the unorganized sector can benefit from its low investment, substantial rewards, and alternatives. The NPS Lite aggregators list helps meet the demands of the low-profit market and can be utilized to subscribe to the plan.

What is NPS Lite? 

The foremost goal of the NPS-Lite is to secure the future of those who are not economically well-off or considered financially poor. The NSDL has developed an NPS Lite scheme with a low charge structure supporting the initiative. Group servicing is the basis of the NPS Lite servicing conception.

What are NPS Lite Aggregators? 

Group servicing can be considered the basis of the servicing concept of the NPS Lite aggregators list. The units that cover the low-profit groups will act as the aggregators on behalf of the individuals listed within them. They contribute to the procedures of pension contribution transfers, subscriber registration, and subscriber maintenance tasks.

NPS Contact Number 

To explore more regarding the plan or to inquire any questions, one can contact 1800 110 708, the scheme's toll-free number. The CRA phone center can also be reached by dialing 1800 222 080.

NPS Lite Aggregators List 

Some of the organizations among the entire list that have been approved to function as NPS Lite aggregators list are specified below.
• Vijaya Bank
• UTI Infrastructure Technology and Services Ltd
• United Bank of India
• Union Bank of India
• UCO Bank
• The South Indian Bank Ltd
• Syndicate Bank
• Swayamshree Micro Credit Services
• State Bank of Travancore
• State Bank of Patiala

Function of Aggregators 

Through the NLOO/NLAO/NLCCs, the Aggregators shall perform the following functions:

A. Process of Subscriber Servicing

If you aim to modify your details, you can submit a form mentioning the request for change with the help of the NPS Lite aggregators list. Some of the examples for the changes might include the following:
•Updating the name
• Updating the Address
• Updating the Cell Phone number / Telephone number/email address 
• Updating the Banking details 
• Mentioning the modification in the details of the nomination

B. Switch / Scheme Preference Modification Request

• Any requests for withdrawal 
• Re-issuance of the PRAN card
• Contribution Process of the Subscriber
Altogether, there are four stages for the dispensation of one's investment with the NPS Lite aggregators list:
• The chosen option from the NPS Lite aggregators list is responsible for gathering your investment towards your pension via cheque or cash. Upon the collection of the fund, the NPS aggregators generate an electronic receipt along with a proper acknowledgment number.
• The Aggregator then initiates a deposit of the contribution received for the account of collection on a T+1 day basis. T is referred to as the date of fund collection by the NPS Lite aggregators list.
• The Contribution File of the Subscriber, the SCF, is then prepared by the NPS Lite aggregators list and published into the CRA system. After attaining the cleared funds on or prior to T+2 days, this is accomplished.
• Within T+2 days of attaining the precise cash, the Aggregator takes the initiative to transfer the funds to the trust account of the NPS that has been parked with the Trustee Bank.

Redressal of grievances:

• In agreement with the PFRDA (Redressal of Subscriber Grievance) Guidelines of 2015, the NPS Lite aggregators list establishes a suitable Grievance Redressal Mechanism internally for targeting and addressing concerns about the services offered to the NPS-Lite subscribers. The specific subscriber is offered the contact numbers and names of the NPS Lite aggregators and designated as a Grievance Redressal official. The designated officer is accountable for ensuring that subscribers' complaints are properly resolved.   

• Individuals can take their respective issues to the concerned Oversight office (NLOO) and Aggregator's Accounting office (NLAO) to resolve them. They can take this action if they feel that their complaint has not been sufficiently addressed.   

• When it comes to entering, receiving, confirming, and resolving concerns from subscribers or any other NPS-Lite Intermediaries, the Aggregator needs to perform a certain set of tasks. Accrediting complaints from subscribers against the NPS aggregators or other relevant NPS intermediaries as per legally demanded format and regular uploads of the complaints to CRA Lite and CGMS, which is the Central Grievance Management System. The grievances shall be directed to the applicable NPS intermediates through the system of CRA Lite CGMS. 

Grievance Redressal as per Regulation 31 of PFRDA (Redressal of Subscriber Grievance) Regulations, 2015:

The detailed information of the Ombudsman appointed is presented on the PFRDA official website – www.pfrda.org.in. Currently, Shri Narender Kumar Bhola has been designated as the new Ombudsman as per the PFRDA (Redressal of Subscriber Grievance) Regulations of 2015. 

Details of the Ombudsman are given below:  

• Shri Narender Kumar Bhola 
• Pension Fund Regulatory and Development Authority  
• B-14/A, Chatrapati Shivaji Bhawan,  
• Qutab Institutional Area, Katwaria Sarai, New Delhi- 110016  
• Chhatrapati Shivaji Bhawan,  
• Email ID: ombudsman@pfrda.org.in  
• Landline No.: 011 -26517507 (Ext: 188) 

Conclusion

The NPS-Lite was formed with the goal of protecting the futures of individuals who are at an economic disadvantage or are not leading an economically stable lifestyle. The subscriber of NPS might have permission to withdraw a share of up to 60% of the entire corpus in a single lump sum amount at maturity. There is no taxation imposed on this particular amount at all. Furthermore, the subscriber needs to utilize at least 40% of the overall corpus to purchase an annuity scheme. This highly beneficial and unique investment tool offers a blend of debt and equity exposure under a single investment.