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Growing awareness about the need to save for retirement and increasing investments in retirement-focused financial products are driving the expansion of India''s pension ecosystem, with SBI Pension Funds crossing ?6 lakh crore in assets under management (AUM) under the National Pension System (NPS), according to a company release. The release said SBI Pension Funds now serves more than 1.85 crore subscribers and manages over 34 per cent of India''s pension fund industry by assets. It added that the milestone reflects the growing confidence of subscribers in regulated retirement savings.
The company said the achievement also reflects the broader evolution of India''s retirement ecosystem, with awareness around retirement planning continuing to rise. According to the release, the National Pension System has emerged as an important pillar of long-term financial security by providing a regulated, transparent and portable framework for retirement savings. Commenting on the milestone, Pranay Ranjan Dwivedi, Managing Director and CEO of SBI Pension Funds, said, "As India''s retirement landscape continues to evolve, we remain committed to strengthening our investment capabilities, upholding the highest standards of governance and expanding retirement awareness so that more Indians can prepare for a financially secure future." The release noted that the company''s assets under management have expanded significantly over the years, growing from ?1 lakh crore in 2018 to more than ?6 lakh crore currently. Over the past 15 years, its assets have grown at a compounded annual growth rate of nearly 36 per cent, supported by sustained subscriber participation and increasing adoption of retirement planning. The release further added that the company intends to continue strengthening retirement awareness and making long-term retirement planning more accessible to a wider section of subscribers. (ANI)
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