Two agricultural-related entities in Punjab – the Punjab State Farmers Commission (PSFC) and the Punjab Agro Industries Corporation (PAIC) signed a memorandum of understanding with UCO Bank to promote National Pension Scheme (NPS) among rural people, especially farmers. A spokesperson for the two entities said the objective was to provide old-age income security for the farming community in the state. The scheme had not been able to attract rural masses due to a lack of awareness and a proper platform for opening accounts and contributing funds. PSFC chairman G.S. Kalkat said there was a need to create awareness among the rural population to contribute in the pension fund to ensure that regular income could be obtained when a person grows old. He also said the agriculture department and PAIC would work closely with the UCO Bank to sensitise people to open their pension accounts and deposit funds on a half-yearly basis so that sufficient capital is generated to guarantee old-age pension when a person turns 60.
