Kohima joined the nationwide launch of NPS Vatsalya scheme today with a program held at the SLBC Office, Near North PS, Kohima, jointly organized jointly by SLBC and NABARD.

The NPS Vatsalya scheme was launched nationwide by Union Minister of Finance and Corporate Affairs Nirmala Sitaraman on September 18 at Vigyan Bhawan, New Delhi.

Following instructions from the Department of Financial Services (DFS), all State Level Bankers Committees (SLBCs) were asked to participate in the launch event, which involved local SLBC member banks and 20-30 students aged 8 to 18 at their respective head offices.

H.Lalhlimpuia, Chief Manager SLBC highlighted that NPS Vatsalya, a plan for contribution by parents and guardian for minors was introduced by  Nirmala Sitharaman, Union Finance Minister during Budget 2024 session.

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The scheme envisages the minor to start investing in pension at early stage. Upon reaching the age of majority, the plan can be seamlessly converted into a regular account. The scheme is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA). NPS Vatsalya account can be open with minimum contribution of Rs 1,000/- (no maximum) and subsequent minimum contribution of Rs 1,000/- p.a and no maximum.

Chitebuni from NABARD chaired the program and conducted a quiz for the students.