PFRDA introduces OTP-based onboarding for NPS
NEW DELHI: Pension fund regulator PFRDA on Monday mentioned it has launched one-time password (OTP) primarily based onboarding facility for the National Pension System (NPS) scheme.
In its endeavour to supply digital options, the Pension Fund Regulatory and Development Authority (PFRDA) has already enabled opening of on-line NPS account in a paperless method by means of e-signature, it mentioned in a press release.
In order to additional facilitate ease of NPS Account opening, the subscribers at the moment are permitted to open their NPS account by means of OTP additionally, PFRDA mentioned.
In this course of, the purchasers of banks (registered as POPs – Points of Presence), who want to open NPS account by means of web banking of the respective banks, can open such accounts utilizing OTP obtained on their registered cellular quantity.
For opening of NPS accounts by means of non-internet banking digital mode by means of POPs (banks in addition to non-bank POPs), OTP obtained on their registered cellular quantity and e-mail can be utilized for paperless NPS account opening.
Post completion of KYC (Know Your Customer), POPs should submit the NPS subscriber’s knowledge/info to Central Record Keeping Agencies (CRAs) together with buyer’s picture and picture of signature with an enterprise that the KYC/AML tips/guidelines have been duly complied with, it mentioned.
POPs and CRAs have been suggested by PFRDA to supply the required performance of OTP primarily based authentication, the pension fund regulator mentioned.
This course of would guarantee seamless account opening, end-to-end digitization and optimizing of funding returns by deposit of contributions in a sooner method, it mentioned.
PFRDA administers greater than 3.60 crore subscribers below the National Pension System with an mixture Assets Under Management (AUM) of greater than Rs 4.55 lakh crore.
Out of the full subscribers, 2.25 crore subscribers are below the Atal Pension Yojana (APY).