India's pension savings initiative for minors is off to a sluggish start.

India's pension savings initiative for minors is off to a sluggish start. The NPS Vatsalya scheme, launched in September 2024 to allow parents and guardians to open retirement accounts for children under 18, has accumulated only 2.25 lakh accounts so far. State Bank of India leads enrollment with 22,646 accounts, followed by Bank of India and Union Bank of India. Private sector banks show notably weaker participation, with ICICI Bank recording just 4,023 enrollments. The PFRDA is now intensifying efforts through mission-mode campaigns scheduled for May-June and August-September to boost coverage. With India's total NPS assets at over 12 trillion rupees representing just 4.5% of GDP, far below global standards, the regulator aims to accelerate enrollment and build a pensioned society aligned with the Viksit Bharat 2047 vision.