Shimla: Abhipra Capital, a financial service provider who has been newly appointed as a point of presence (POP) for providing services to subscribers to new pension system (NPS) intends to concentrate on four north Indian states which includes Himachal and targets to open 1 lakh pension accounts by end of 2010-11.
The NPS reflects the governmentâ€™s efforts to find sustainable solution to the problem of providing adequate retirement income. For the safety, security and good returns fund managers who shall manage such funds through trustee bank.
VD Aggrawal, chairman Abhipra Capital chairman said that through the existing organizations network expansion plans had been drawn up to open 1 lakh new accounts in 2010-11, mainly in the states of Punjab, Haryana, Rajasthan and Himachal Pradesh.
Whereas initially only banks were permitted for launching New Pension Systems but recently the Pension Regulatory Development Authority (PFRDA) 10 private sector institutions, which includes Abhipra Capital as point of presence providers for the pension fund.
Aggrawal said they would soon be recruiting 500 people for NPS. Abhipra Capita with a strong base in the north has indentified 10 small and big cities in Himachal Pradesh where it proposes to open up new branches over the next 12 months. Some of the cities were the branches are planned to be opened include Shimla, Solan, Kangra, Chamba, Mandi and Una, said Aggrawal.
Abhinav Aggarwal , director Abhipra , said that the company was upgrading all existing branches by providing V-sat/Pallav links. With an investment outlay of Rs 150 crore the financial service provider intends to double the number of branches from current 72 to over 140 by end of the financial year.