Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday said it has received approval from the Department of Revenue for undertaking e-KYC services for NPS and APY subscribers.
The online e-KYC (Know Your Customer) will further simplify the process of account opening as it offers the subscribers a NPS digital journey, PFRDA said in a release.
The regulator has received the department’s nod for e-KYC, it added.
National Pension System (NPS) and Atal Pension Yojana (APY) are the two flagship schemes of the PFRDA. NPS caters to the organised sector employees. APY 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 it has enabled various digital enablers such as OTP-based authentication, paperless on-boarding, e-sign-based authentication, video customer identification to facilitate remote on-boarding, 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.
