The Pension Fund Regulatory and Development Authority (PFRDA) has now introduced National Pension System (NPS) digital onboarding through Central KYC (CKYC).

CKYC is a government initiative that empowers NPS subscribers/financial investors to complete their KYC only once for interacting with multiple service providers across the financial sector under the ambit of various regulators. 

CKYC is managed by CERSAI, which is the government authorised entity to function as Central KYC Registry (CKYCR).

“In the series of various digital initiatives as part of Azadi Ka Amrit Mahotsav (AKAM) to mark 75 years of India’s Independence, PFRDA is pleased to inform that the prospective subscribers are provided with another option for opening NPS Account through CKYC and the process is online and paperless,” said a PFRDA circular.

Objective of CKYCR

The objective of CKYCR is to ease the process of opening account with financial service providers and unburden the investors from producing KYC documents and getting those verified every time. CKYCR acts as centralised repository of KYC records of investors in the financial sector and facilitates inter-usability of the KYC records across the sector with their due consent.

CKYC Identification Number is a 14-digit number allotted by CERSAI to an investor post completion of CKYC formalities. The prospective Subscribers can also check their CKYC number/ status online by visiting the web portal of the financial institutions providing a CKYC check facility. Additionally, they may approach the financial institutions where they provided their CKYC documents to obtain the number.

It maybe recalled that PFRDA had already enabled multiple modes of digital on boarding into NPS through Digital Locker Issued Documents, Aadhaar eKYC/XML and PAN/Bank account. 

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