PFRDA Will get Nod For e-KYC For Nationwide Pension Scheme Subscribers

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Enterprise

oi-Olga Robert

By Workers

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On Tuesday, Pension Fund Regulatory and Growth Authority (PFRDA) stated that it has obtained approval from the Division of Income for enterprise e-KYC companies for subscribers NPS (Nationwide Pension System) and APY (Atal Pension Yojana) subscribers.

The net e-KYC (Know Your Buyer) will additional simplify the method of account opening because it gives the subscribers an NPS digital journey, PFRDA stated in a launch.

PFRDA Gets Nod For e-KYC For National Pension Scheme Subscribers

NPS and APY are the 2 flagship schemes of PFRDA. The previous caters to the organised sector staff whereas the latter is principally focused to fulfill the pension wants of these working within the unorganised sector.

“With ‘Entry to Exit’ (E2E) digital instrument kits supplied to subscribers, PFRDA has remodeled the journey of NPS subscribers and the journey of NPS subscribers from coming into the scheme until exit from the scheme, together with annuity issuance, is seamless and might be carried out in a paperless digital mode,” it stated.

PFRDA stated that it has enabled numerous digital enablers akin to OTP-based authentication, paperless onboarding, e-sign-based authentication, video buyer identification to facilitate distant onboarding, on-line exit instruments, on-line enrolment for presidency sector subscribers, amongst others.

The regulator had allowed NSDL e-Governance Infrastructure Restricted, considered one of its central record-keeping company, to behave because the International Aadhaar Person Company (AUA) for the aim of NPS and APY.

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