OTP based authentication for paperless NPS on-boarding for opening of online NPS Account by prospective Subscribers in a paperless manner
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIR No.: PFRDA/2020/23/SUP-CRA/10
Date: June 15 2020
All stakeholders under NPS
Subject: OTP based authentication for paperless NPS on-boarding.
Pension Fund Regulatory and Development Authority (PFRDA) is mandated with the duty to regulate, promote and ensure orderly growth of the National Pension System (NPS) and to protect the interests of subscribers of such system and schemes. As part of its developmental mandate and to increase the outreach of NPS, PFRDA had taken series of steps to ensure ease of NPS on boarding through various convenient modes.
2. In order to facilitate opening of online NPS Account by prospective Subscribers in a paperless manner, it has been decided to permit validation of NPS application by either through ‘e signature’ or by One Time Password (OTP) in the following manner:
i. The customers of Bank-POPs who open NPS Account through internet banking of the respective banks can authenticate using OTP through registered mobile number or by ‘e Signature’.
ii. In other digital modes of NPS, on-boarding offered by all POPsieNPS, the subscribers can authenticate using re Signature’ or through OTP received on their mobile number as well as on email.
3. In both the above modes, along with the details required for opening NPS account, the POPs have to ensure that the data is transmitted to CRA with photo and image of the subscriber’s signature. Further, the POPs, while transmitting the information, shall have to furnish an undertaking that the applicable KYC/AML guidelines/provisions have been complied with.
4. Central Record Keeping Agencies (CRAs) and Points of Presence (POPs) are advised to develop the required functionality to offer the feature, at the earliest.
5. This circular is issued under Section 14 of PFRDA Act 2013 and is placed under Circulars sub-section in the Regulatory Framework section on PFRDA website.
(K Mohan Gandhi)
Latest PFRDA Circulars 2020:
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- Activities under NPS Lite Swavalamban Scheme from March to June 2020 April 13, 2020
- Partial withdrawal under NPS for specified illness April 12, 2020
- Amendment in Investment Guidelines for NPS Schemes – PFRDA March 30, 2019
- Alert Notice from PFRDA October 4, 2018
- Important Announcements and Approvals in Board Meeting of PFRDA May 4, 2018
- Fraudulent activities in name of NPS – PFRDA Public Notice November 21, 2017
- PFRDA seeks the support of State Governments for Atal Pension Yojana for a wider reach August 6, 2016
- NPS – Concept Paper on Pension Funds, Investment Pattern and Life Cycle Funds for Government Employees April 26, 2016
- PARTIAL WITHDRAWAL FROM NPS ORDERS ISSUED BY PFRDA April 23, 2016
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- New Pension Scheme : Clarification of Deferred withdrawal of lump sum – PFRDA November 3, 2015
- Subscriber details of CG Employees under National Pension System as on 3.10.2015 October 16, 2015
- Fraudulent Collection of Funds in the name of National Pension System September 22, 2015
- Draf Regulations for Retirement Advisers – PFRDA August 25, 2015
- Circular on Remittance of NPS Funds through Electronic Mode (NEFT,RTGS) only from 01-Apr-2014 January 10, 2014
- Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber–PFRDA October 24, 2013
- Investment Guidelines by PFRDA October 18, 2013
Also Check: Central Government Pay Matrix Table 2022 PDF