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

On Tuesday, Pension Fund Regulatory and Development Authority (PFRDA) said that it has received approval from the Department of Revenue for undertaking e-KYC services for subscribers NPS (National Pension System) and APY (Atal Pension Yojana) subscribers.

The online e-KYC (Know Your Customer) will further simplify the process of account opening as it offers the subscribers an NPS digital journey, PFRDA said in a release.

NPS and APY are the two flagship schemes of PFRDA. The former caters to the organised sector employees while the latter is mainly targeted to meet the pension needs of those working in the unorganised sector.

"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," it said.

PFRDA said that it has enabled various digital enablers such as OTP-based authentication, paperless onboarding, e-sign-based authentication, video customer identification to facilitate remote onboarding, online exit tools, online enrolment for government sector subscribers, among others.

The regulator had allowed NSDL e-Governance Infrastructure Limited, one of its central record-keeping agency, to act as the Global Aadhaar User Agency (AUA) for the purpose of NPS and APY.