Today in India, whether you're looking at buying a home or investing in the stock market or opening a bank account, you will need the Permanent Account Number or PAN card. It is used by the government to track taxable component in financial transactions.

Tax rules negate whatever advantages NPS has over mutual funds.

\"NPS in Tier II, it is probably better than what mutual funds offer\"

A Finance Ministry-appointed committee today proposed to set up a Resolution Corporation to expeditiously deal with issues concerning insolvency of financial institutions, including banks and insurers.

\"As you know we have been talking with government to open up the choice of both the fund manager and investment pattern for the government subscribers, these discussions are still going on. The proposals are with the government and hopefully a decision will be taken up by them very shortly,\" Pension Fund Regulatory and Development Authority (PFRDA) Chairman Hemant G Contractor said.

Earlier, NPS schemes which were launched five years ago, had failed to get retail subscribers. Retail NPS has grown by over 100 per cent over the past one year.

Earlier, a subscriber had to contribute at least Rs 6,000 in a financial year (April-March) to keep the Tier-1 account running.

FSDC, which was set up in December 2010 to strengthen and institutionalise the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, will hold its 15th meeting on Tuesday, official sources said.

\"NRIs can now open NPS Accounts online if they have Aadhaar Card or PAN card,\" the Finance Ministry said.

Pension Fund Regulatory and Development Authority (PFRDA), in a communication to various stakeholders of the NPS, noted that subscribers/employees in the central and state governments are not fully aware of the various functions and facilities available under the scheme.

\"We have sought parity in any tax treatment for NPS (National Pension System) from the government.\"

At present, all states except West Bengal and Tripura are part of National Pension System and so far Rs 50,000 crore have come from states under National Pension System (NPS).

PFRDA said it was committed to support the 'Digital India' drive and efforts were being made to make various NPS related services available on online platform.