Chandigarh, 18 September 2024: Axis Bank, one of India's leading private sector banks, has joined hands with the Pension Fund Regulatory and Development Authority (PFRDA) to launch National Pension Scheme (NPS) - Vatsalya, a scheme focused to secure the financial future of children below 18 years. As announced by Hon. Finance Minister – Nirmala Sitharaman during the 2024 Union Budget, the initiative is a key step towards empowering families in planning long-term financial security for their children.

As a part of the initiative, Axis Bank opened total 17 NPS Vatsalya accounts and handed over symbolic PRANs to the children. The senior Bank officials handed over symbolic PRANs and opened NPS Vatslaya accounts for around 16 children in Bangalore and Ahmedabad.

Speaking about the initiative, Mr. Amitabh Chaudhry, MD&CEO, Axis Bank said, “It’s a proud moment for us to be a part of this great mission led by the Government of India towards building a strong pensioned India. This initiative offers a structured and flexible path for wealth creation targeting the future generations of the country, thereby nurturing a financially resilient society. We believe that this will enable parents/ guardians from all socio-economic backgrounds to gain access to valuable tools for securing their children's financial future, providing them with a strong foundation to build their dreams and aspirations.”