Good news for National Pension System and Atal Pension Yojana subscribers: PFRDA to begin e-KYC services

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Good news for NPS and APY subscribers: PFRDA to begin e-KYC services 

The Pension Fund Regulatory and Development Authority (PFRDA) will quickly begin endeavor e-KYC services for National Pension System (NPS) and Atal Pension Yojana (APY) subscribers. The authority has obtained approval from the Department of Revenue.

The on-line e-KYC will additional simplify the method of account opening because it affords the subscribers a NPS digital journey.

National Pension System (NPS) and Atal Pension Yojana (APY) are the 2 flagship schemes of the PFRDA. While the NPS caters to the organised sector workers, the APY is designed to meet the pension wants of these working within the unorganised sector.

Amit Das of Think360.ai, mentioned that the majority monetary merchandise in India are low penetration – insurance coverage, financial savings, and so forth. and typically, there’s a poorer tradition of financial savings for the long run/ retirement.

“For instance, NPS kind of instruments creates the discipline to save and create retirement corpuses. Hence, removing any kind of friction such as lengthy processes of paperwork will help to encourage to apply for such schemes. Aadhar, the largest identity database globally, being used for e-KYC makes it easier for subscribers to enter/exit schemes and conduct the transactions at their comfort especially for subscribers from the remote areas due to less to no onboarding costs involved,” he mentioned.

“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,” the authority mentioned in a press release.

PFRDA mentioned it has enabled numerous digital enablers akin to OTP-based authentication, paperless on-boarding, e-sign-based authentication, video buyer identification to facilitate distant on-boarding, on-line exit instruments, on-line enrolment for authorities sector subscribers, amongst others. The regulator had allowed NSDL e-Governance Infrastructure Limited, one in every of its central report holding company, to act because the Global Aadhaar User Agency (AUA) for the aim of NPS and APY.

READ MORE: National Pension System Vs Atal Pension Yojana: Which is healthier and why

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