September 18, 2023 7:58 PM

RBI says any reversion to OPS from NPS by States would be fiscally unsustainable

Reserve Bank of India has said that any reversion to the Old Pension Scheme (OPS) from the New Pension Scheme (NPS) by the States would be fiscally unsustainable, though it may result in an immediate fall in their pension outgo.  It also said that at a time when most of the countries are moving towards defined contribution plans, reverting to OPS by the Indian States will be a major step backward, undermining the benefits of past fiscal reforms. The Central Bank today issued the Septemb...