CURRENT AFFAIRS

Detailed explanation-1: -Karnataka Bank has tied up with Pension Fund Regulatory and Development Authority (PFRDA) for providing NPS services to our customers in association with NSDL e-Governance Infrastructure P. ltd.

Detailed explanation-2: -Axis Bank has been appointed by PFRDA to acts as one of the Points of Presence (POP) for NPS. There are two models available under NPS : All Citizen Model-Available to all citizens of India. Corporate Sector Model-Provide NPS benefits to the employee of corporate entities.

Detailed explanation-3: -Government of Karnataka has introduced National Pension System (NPS) for all state Government employees joining Government service on or after 01.4. 2006, vide G.O dated 31.03. 2006. NPS was operationalized in Karnataka with effect from 01.04.

Detailed explanation-4: -National Pension System (NPS) has been launched across the country with effect from 1st May 2009, by Pension Fund Regulatory and Development Authority (PFRDA). South Indian Bank (SIB) has been appointed by PFRDA to act as one of the Point of Presence (POP) Banks in the country.

Detailed explanation-5: -Launched in December 2011, Corporate NPS is regulated by PFRDA. It is a voluntary contribution scheme where periodic contributions are made by the employer on behalf of employee to the employee’s NPS account. Employees of both public and private sectors companies can choose to join NPS under the corporate model.