NPS Lite is a central government-funded pension scheme targeted at workers in the unorganised sector and low-income individuals without access to formal retirement benefits. Managed by the Pension Fund Regulatory and Development Authority (PFRDA), the NPS Lite login system provides an affordable way to start retirement savings with small systematic contributions as low as ₹ 100.
Aggregators are an important way of ensuring that NPS Lite reaches economically weaker sections of society. The intermediaries are authorised agents responsible for acting as the main channel through which subscribers interact with the National Pension System. This article presents an exhaustive list of NPS Lite aggregators, the role of aggregators, features offered and how to select the right aggregator for the retirement planning goals.
Check out the NPS Calculator here.
Key Takeaways
-
NPS Lite is a government pension scheme designed to provide affordable retirement savings options for low-income workers in India's unorganised sector.
-
Aggregators are PFRDA-authorised intermediaries, such as banks and financial institutions, that act as the main point of contact for NPS Lite subscribers.
-
These aggregators are responsible for all key services, including subscriber registration, collection of contributions, record-keeping, and processing withdrawal requests.
Understanding NPS Lite
NPS Lite is a “light-weight” variant of the National Pension System (NPS) designed for the unorganised workforce who typically face low and irregular incomes. The scheme was launched on 1 April 2010 with the objective of enabling even small contributors to build a retirement corpus.
Unlike the regular NPS, which offers a wider range of investment options and is suited for salaried and self-employed individuals across income groups, NPS Lite operates on a group-servicing model through “Aggregators” who manage multiple subscriptions collectively. This structure makes NPS Lite more accessible and cost-effective for economically disadvantaged subscribers.
Key features of NPS Lite include:
-
Eligibility: Age 18–60, not already covered under a formal social security pension scheme.
-
Contribution flexibility: Small contributions via aggregator groups rather than individual accounts.
-
Asset‐allocation regime: According to PFRDA, the investment exposure caps for NPS Lite are:
-
Government securities up to 65 %
-
Other debt instruments up to 45 %
-
Short-term debt up to 10 %
-
Equity up to 25 %
-
Miscellaneous up to 5 %.
Subscribers cannot select their pension fund manager or change asset allocation—this is managed by the scheme for simplicity.
-
Servicing model: The scheme operates via “aggregators” (often group agents, banks, NGOs, SHG federations) rather than individual PoPs.
-
Distinctive element: Unlike standard NPS, where the subscriber chooses a fund manager and asset mix, NPS Lite emphasises simplicity, group servicing and outreach.
Check out the Best Tax Savings Investment Schemes here.
NPS Lite Aggregators List
The PFRDA has authorised 76 aggregators to facilitate NPS Lite account management for subscribers from economically disadvantaged backgrounds. These aggregators serve as intermediaries between subscribers and the Central Recordkeeping Agency (CRA), assisting with registration, contribution collection, and maintenance of Permanent Retirement Account Numbers (PRAN).
Here is a detailed list of NPS Lite aggregators:
|
NPS Lite Aggregators List |
|||
|
A.P. Building and other Construction Workers Welfare Board |
Abhipra Capital Ltd |
Adhikar Microfinance Private Limited |
Alankit Assignments Ltd |
|
Allahabad Bank |
Allahabad U.P. Gramin Bank |
Andhra Bank |
Assam Gramin Vikash Bank |
|
Axis Bank Ltd |
Banaskantha Dist. Co-op Milk Producers Union Limited |
Bandhan Financial Services Pvt Ltd |
Bank of Baroda |
|
Bank of India |
Bank of Maharashtra |
Baroda Gujarat Gramin Bank |
Baroda Rajasthan Kshetriya Gramin Bank |
|
Building and Other Construction Workers Welfare Board (Rajasthan) |
BWDA Finance Ltd |
Canara Bank |
Cashpor Micro Credit |
|
Central Bank of India |
Centre for Development Orientation and Training (CDOT) |
Corporation Bank |
CSC E-governance Services India Ltd |
|
Dena Bank |
Department of Women and Child Development (Government of Karnataka) |
ESAF Microfinance and Investments Pvt Ltd |
Grameen Financial Services Pvt Ltd |
|
Gujarat Infotech Ltd |
IDBI Bank Limited |
IFMR Holdings Pvt Ltd |
IL&FS Securities Services Ltd |
|
India Infoline Finance Ltd |
Indian Bank |
Indian Overseas Bank |
Indur Intideepam MACS Federation Limited |
|
Jagaran Microfin Pvt Ltd |
Janlakshmi Financial Services Pvt Ltd |
Jhabua Dhar Kshetriya Gramin Bank |
Jharkhand Building and Other Construction Workers Welfare Board (Ranchi) |
|
Karnataka State Unorganised Workers Social Security Board (Bangalore) |
Karnataka Vikas Gramin Bank |
Krishna Grameen Bank |
LIC Housing Finance Ltd |
|
LIC of India |
Madhya Bihar Gramin Bank |
Margdarshak Financial Services Ltd |
Nainital-Almora Kshetriya Gramin Bank |
|
North Malabar Gramin Bank |
Oriental Bank of Commerce |
Pallavan Gramin Bank |
Parvatiya Gramin Bank |
|
Puduvai Bharathiar Grama Bank |
Punjab and Sind Bank |
Punjab National Bank |
Samhita Community Development Services |
|
Saptagiri Grameena Bank |
Saptrishi Consultancy Services Ltd |
Sarva Haryana Gramin Bank |
Shree Kshetra Dharmasthala Rural Development Project |
|
Shri Mahila Sewa Sahakari Bank Ltd |
Society for Elimination of Rural Poverty |
State Bank of Bikaner and Jaipur |
State Bank of Hyderabad |
|
State Bank of India |
State Bank of Mysore |
State Bank of Patiala |
State Bank of Travancore |
|
Swayamshree Micro Credit Services |
Syndicate Bank |
The South Indian Bank Ltd |
UCO Bank |
|
Union Bank of India |
United Bank of India |
UTI Infrastructure Technology and Services Ltd |
Vijaya Bank |
The aggregators bring advantages to the nps scheme benefits, such as easy KYC processes, doorstep collection of contributions in some cases, availability in vernacular languages and integration with existing financial products like savings accounts and insurance.
Top NPS Lite Aggregators
Whilst all 76 authorised aggregators offer key services, some differ based on scope, digital infrastructure, customer service and subscriber satisfaction. Here are the best nps lite aggregation businesses, along with their pros and cons:
LIC of India
Pros:
-
Nationwide presence with more than 2,000 offices and a high level of brand trust among the low-income groups
-
Integrated insurance and pension plans for One-stop Financial Solutions
-
Highly experienced personnel specialised in pension advice and multilingual assistance
Cons:
-
Mainly an offline Service model with limited digital integration
-
Processing times can be longer in comparison to digital-first aggregators
State Bank of India (SBI)
Pros:
-
The most extensive branch network provides access to far areas.
-
An advanced digital platform with internet and mobile banking integration,
-
Subsidised or zero account opening fees for NPS Lite subscribers.
Cons:
-
Service protocols and subscriber experience may vary across the vast network of branches.
-
As branches handle high volumes for diverse banking services, dedicated NPS support might not be the primary focus at all locations.
India Post
Pros:
-
Unrivalled reach with presence in every village and remote corner.
-
High trust factor among the rural population due to government encouragement
-
Easy processes with minimum paperwork required by illiterate or semi-literate subscribers.
Cons:
-
Limited access to digital infrastructure compared to the banks.
-
Manual processing results in a delay in settlement
-
ICICI Bank
Pros:
-
An advanced digital platform where users can seamlessly log into the portal using net banking and mobile application.
-
Super fast processing using auto-mode contribution updates.
-
Professional customers are supported with a dedicated pension advisory team.
Cons:
-
There is a low physical presence in rural and tier 3 cities.
-
Requires basic digital literacy skills for optimal utilisation of services
The choice of aggregator should be made according to specific needs such as geographical availability, familiarity with technology, language preference and existing banking preferences.
Also, read Income Tax Benefit with the NPS Scheme here.
Function Of The NPS Lite Aggregators
NPS Lite aggregators of the National Pensions Scheme play vital intermediary roles that make it possible for the unorganised sector to participate in the pension scheme.
-
Account Opening and Registration: Aggregators ease registration of new subscribers by acquiring application forms and verifying KYC documents such as Aadhaar, PAN, address proof, and photographs. They issue the Permanent Retirement Account Number (PRAN), which is the unique identifier for the subscriber throughout their pension journey.
-
Contribution Collection and Management: Aggregator organisations collect contributions in various forms, including cash, cheque, DD or electronic transfers. They upload their users’ data to the CRA system within T+2 days, and they transfer collected amounts to the NPS Trust account for investment by Pension Fund Managers.
-
Record Keeping and Reporting: Aggregators maintain accurate records of every transaction for subscribers, generate periodic statements that detail contribution history and account value, and update records for subscribers who change their details.
-
Customer Support and Complaint Redressal: Aggregators have set up internal complaint redressal as per PFRDA norms, answer subscriber queries on account status, investment, and withdrawal, and forward unresolved complaints to the NPS Lite Oversight Office.
-
Withdrawal and Exit Processing: At the time of subscriber exit, aggregators collect withdrawal requests and supporting documents, upload instructions about exit information to be processed within 5 working days, facilitate annuity purchase from a minimum of 40% of the aggregated corpus amount, and ensure the amount of balances in the subscriber's original bank account
Check out What is PRAN Card here.
Conclusion
The NPS Lite Aggregators List provides the gateway for millions of informal sector workers and low-income individuals to participate in a regulated pension scheme. The aggregator channel remains the most accessible route into retirement savings for such sections. By choosing an aggregator with strong local reach, reliable service, digital contribution options and transparent costs, subscribers can significantly enhance their retirement preparedness.
Choosing the right nps lite aggregator is dependent on factors including geographic accessibility, quality of services, digital infrastructures and existing financial relationships. Subscribers need to weigh the progeny of aggregators based on branch nearness, responsiveness of staff, facility provision of contribution collection and technological capabilities to ensure smooth pension management.
With minimum contributions from ₹ 100 and tax benefits under Section 80CCD of the Income Tax Act, NPS Lite provides a method for building a retirement corpus with informal sector workers.
