Axis Bank gets approval to manage pension fund

21 Dec 2022 , 11:50 AM

According to a corporate release, the AUM has been handled in the first 45 days of the business since the third largest private sector lender acquired a commencement of operation certificate from the Pension Fund Regulatory and Development Authority (PFRDA) on September 20.

According to the announcement, the bank has entered the retirement market by launching a step-down subsidiary called Axis Pension Fund Management through its subsidiary Axis Asset Management Company.

The business wants to help everyone develop their retirement money through the NPS (New Pension Scheme) for a steady income after retirement. It further stated that it would adhere to PFRDA regulations while concentrating on consistently and long-term risk-adjusted return maximization for its investors.

According to the release, Axis PFM will manage pension funds for investors in the corporate, public, and all-citizens models in accordance with the investment criteria established by the regulator.

The pension fund management industry is crowded with companies, including those supported by the State Bank of India, LIC, UTI, HDFC, ICICI Prudential, Kotak Mahindra Group, and Aditya Birla Group.

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