PFRDA Introduces OTP-based Onboarding For NPS Scheme
Money & Banking
PTI
New Delhi |
Updated on
June 29, 2020
Published on
June 29, 2020
Pension fund regulator PFRDA on Monday said it has introduced one-time password (OTP) based onboarding facility for the National Pension System (NPS) scheme.
In its endeavour to provide digital solutions, the Pension Fund Regulatory and Development Authority (PFRDA) has already enabled the opening of online NPS account in a paperless manner through e-signature, it said in a statement.
To further facilitate ease of NPS Account opening, the subscribers are now permitted to open their NPS account through OTP also, PFRDA said.
In this process, the customers of banks (registered as POPs - Points of Presence), who wish to open an NPS account through internet banking of the respective banks, can open such accounts using OTP received on their registered mobile number.
For the opening of NPS accounts through non-internet banking digital mode through POPs (banks as well as non-bank POPs), OTP received on their registered mobile number, and e-mail can be used for paperless NPS account opening.
Post completion of KYC (Know Your Customer), POPs have to submit the NPS subscriber’s data/information to Central Record Keeping Agencies (CRAs) along with customer’s photo and image of signature with an undertaking that the KYC/AML guidelines/rules have been duly complied with, it said.
The POPs and CRAs have been advised by PFRDA to provide the required functionality of OTP-based authentication, the pension fund regulator said.
This process would ensure seamless account opening, end-to-end digitization and optimizing of investment returns by the deposit of contributions in a faster way, it said.
PFRDA administers more than 3.60 crore subscribers under the National Pension System with an aggregate Assets Under Management (AUM) of more than ₹4.55 lakh crore.
Out of the total subscribers, 2.25 crore subscribers are under the Atal Pension Yojana
Published on
June 29, 2020
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PTI
New Delhi |
Updated on
Pension fund regulator PFRDA on Monday said it has introduced one-time password (OTP) based onboarding facility for the National Pension System (NPS) scheme.
In its endeavour to provide digital solutions, the Pension Fund Regulatory and Development Authority (PFRDA) has already enabled the opening of online NPS account in a paperless manner through e-signature, it said in a statement.
To further facilitate ease of NPS Account opening, the subscribers are now permitted to open their NPS account through OTP also, PFRDA said.
In this process, the customers of banks (registered as POPs - Points of Presence), who wish to open an NPS account through internet banking of the respective banks, can open such accounts using OTP received on their registered mobile number.
For the opening of NPS accounts through non-internet banking digital mode through POPs (banks as well as non-bank POPs), OTP received on their registered mobile number, and e-mail can be used for paperless NPS account opening.
Post completion of KYC (Know Your Customer), POPs have to submit the NPS subscriber’s data/information to Central Record Keeping Agencies (CRAs) along with customer’s photo and image of signature with an undertaking that the KYC/AML guidelines/rules have been duly complied with, it said.
The POPs and CRAs have been advised by PFRDA to provide the required functionality of OTP-based authentication, the pension fund regulator said.
This process would ensure seamless account opening, end-to-end digitization and optimizing of investment returns by the deposit of contributions in a faster way, it said.
PFRDA administers more than 3.60 crore subscribers under the National Pension System with an aggregate Assets Under Management (AUM) of more than ₹4.55 lakh crore.
Out of the total subscribers, 2.25 crore subscribers are under the Atal Pension Yojana
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
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