To finish the challenges faced by the Points of Presence (POPs) and Central Record Keeping Agencies (CRAs) though handling NPS subscribers registration types, PFRDA has issued new directions.
Now, for NPS accounts opened digitally in CRA platform like eNPS, the soft copies of NPS subscribers’ applications will continue to be generated by CRAs. A copy of it will be shared with the subscriber. PFRDA stated subscribers will have selections for authentication either by means of e-Sign or by means of OTP prior to the creation of Permanent Retirement Account Number (PRAN).
No choice of submitting physical application kind
“Since the Subscribers are provided with the options for e Sign or OTP, the NPS Subscribers will no longer have the option of submitting the physical application to the respective CRAs,” PFRDA stated in its circular dated 08-01-2021.
The regulator stated that for NPS accounts opened by means of POP, regardless of whether by means of digital, physical or net-banking mode, the soft copies of NPS applications will be generated by CRAs, capturing all info about the subscribers as may well be specified by PFRDA, which shall be furnished electronically by POPs to CRAs. The CRAs will also share the soft copies of the application with subscribers for their info.
Apart from the above, other info such as Subscribers’ Authentication modes (OTP, eSign or physical signature), the mode of onboarding (Physical, Digital or lnternet Banking), KYC connected info [existing customer, Video Customer ldentification process(V61P)], Aadhaar facts, lnstant Bank Account verification by means of penny drop and so forth will also be furnished by POPs to CRAs electronically, PFRDA stated.
According to the circular, even even though the soft copies of NPS Subscribers’applications are generated by CRAs’on behalf of POPs and shared with Subscribers by CRA, the duty of accuracy of info, KYC compliance, due diligence and so forth. will usually be with POPs.
Also Read: National Pension System: Now, you can exit NPS by way of online mode
POPs which are accepting physical types from the potential subscribers for the opening of NPS Accounts but are not using the services of CRA/ CRA-FC , will preserve these physical types at their finish till the exit of these subscribers from NPS. “For such Accounts, the subscribers’ data along with photo/signature shall be electronically shared by POPs with CRAs along with the information of physical sourcing and its safe-keeping by POPs, for the purpose of generating soft copies of NPS applications at CRAs,” the circular stated.