Mumbai, Sep 10 (SocialNews.XYZ) Technology will play a central role in expanding pension coverage in India, particularly among workers in the unorganised sector who do not have regular salaried employment, PFRDA Chairman Shivsubramanyam Raman said on Thursday.
Speaking on the sidelines of the Global Fintech Fest (GFF) 2026 in Mumbai, Raman said the Pension Fund Regulatory and Development Authority (PFRDA) is developing simpler digital mechanisms to bring millions of workers into the formal pension system.
He said the regulator has developed the NPS Instant platform, which is designed around a UPI-based digital framework. The platform will allow users to open a pension account through a few clicks on their mobile phones and subsequently make contributions directly through UPI.
Raman said the initiative follows Prime Minister Narendra Modi's emphasis on making pension access as simple and convenient as digital payments through UPI.
The e-Shram database maintained by the Ministry of Labour is expected to be an important enabler in this effort, he said. The database contains verified information on a large number of workers, much of which can be used for opening pension accounts.
"The idea is to use technology to make the process simple enough for workers to join the pension system digitally," Raman said, adding that PFRDA is working on multilingual and user-friendly solutions to ensure wider adoption across the country.
On guaranteed-return pension products, Raman said developing such products is part of PFRDA's statutory mandate. While the government has incorporated a guarantee mechanism under the Unified Pension Scheme (UPS) for government employees, creating a similar institutional framework for the non-government sector remains a major challenge.
An expert committee is examining the issue and evaluating various options, he said. PFRDA is also working on several products that could eventually form the foundation for guaranteed-return pension schemes.
Raman also announced that PFRDA has developed an innovative product called 'Swastya', for which the proof of concept has been successfully completed.
Final guidelines for the product are expected shortly, with a formal launch likely within the next 30 days, he said.
Meanwhile, SEBI Executive Director Maninder Cheema told IANS that India's bond market is gradually gaining traction among retail investors, with Online Bond Platform Providers (OBPPs) playing an important role in widening access.
Source: IANS
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