Online Aadhaar e KYC offers 'Entry to Exit' Digital tool kits for NPS Subscribers - Another mode of NPS Account opening by PFRDA

  February 02, 2021

1.   PFRDA had taken up with Dept of Revenue, Govt of India through UIDAI for undertaking online e KYC services by NPS/APY Subscribers. The proposal of PFRDA had been approved by Dept of Revenue, Ministry of Finance, Govt of India and the copy of their notification dt 22^nd Dec 2020 enclosed .

2.   The recent permission given by Dept of Revenue to perform online e KYC shall further simplify the process of Account opening since the process offers the Subscribers a unique experience of NPS Digital Journey.

3.   PFRDA had enabled various digital enablers like OTP based authentication, paperless on boarding, e Sign based authentication, D Remit, Video Customer Identification to facilitate remote on boarding, online exit tools, online enrolment for Govt Sector Subscribers, Self Authentication based exit by Offline Aadhaar, Self Declaration based partial withdrawal , Instant Bank Acct verification before passing NPS benefits to verify the beneficiary etc.

4.   With 'entry to exit' (E2E) digital tool kits provided to Subscribers, PFRDA has transformed the journey of NPS Subscribers and the travel of NPS Subscribers from entering the Scheme till exit from the scheme including Annuity issuance is seamless and can be performed in a paperless digital mode.

5.   PFRDA had allowed NSDL e-Governance Infrastructure Limited, one of its Central Record Keeping Agency to perform as Global Aadhaar User Agency( AUA) for the purpose of NPS and APY.

About PFRDA

Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees recruits wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.

As on 10th Oct 2020, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.76 crores and the Asset under Management (AUM) has grown to Rs 5,05,424 crores.