pinBox and World Bank develop a field-test digital model for cross-selling India’s national pension scheme to banking customers; Voluntary pension enrolments jump by nearly 1000 percent in pilot locations in 2 Indian States.


Under a FIRST funded project, The World Bank and pinBox assisted PFRDA (India’s pension regulator) and the Department of Financial Services in developing a replicable, bank-led model to expand voluntary coverage of India’s NPS to informal sector citizens in urban locations. A new bank and Aadhaar linked paperless and cashless process was developed by pinBox and field-tested in collaboration with the State Bank of India at Himachal Pradesh and New Delhi. The new bank-led model aims to leverage the gigantic outreach and retail footprint of public and private sector banks in India to cross-sell regulated pension products to the 300 million individuals who already have Aadhaar-linked bank accounts. The pilot streamlined the enrolment process and tested differential cross-selling incentives for SBI branches and bank correspondents (agents). Simplification of the enrolment process and modest changes in the value and timing for incentive distribution, combined with effective training and retirement literacy tools caused pension coverage across the pilot locations to jump by nearly 1000 percent.

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