To boost the National pension scheme (NPS) in villages and under privileged sections of the country, UCO bank and Punjab State Farmers Commission (PSFC) with Punjab Agro Industries Corporation (PAIC) signed a MOU.
Last day UCO bank and PSFC decided to work together to attract more people specially farmers towards the NPS. Through this bank will also offer a proper platform to the people for their savings by providing the facility of savings account. The purpose of his tie –up is offer income security to the old age people through the NPS scheme. Due to the lack of awareness lesser people are attracted towards this scheme.
UCO bank will support the people in opening their pension account and deposit funds on a half-yearly basis which will in turn will generate sufficient capital for them. Bank stated that any citizen in the age group of 18-60 years could enroll in NPS by opening an account in block level branches of UCO Bank. It is further also reported that there is need to old age economic security therefore PSFC and PAIC along with UCO bank decided to sign up MOU and help the people.