Pension regulator mulls allowing mobile-based NPS onboarding

K.R. Srivats | Updated on: Mar 17, 2022
Supratim Bandyopadhyay, Chairperson, PFRDA.

Supratim Bandyopadhyay, Chairperson, PFRDA. | Photo Credit: BIJOY GHOSH

CAMS becomes third central record keeping agency to go live

You may soon get to enrol as a National Pension System (NPS) subscriber out of your mobile phone. Pension regulator PFRDA is looking to allow mobile onboarding for NPS subscribers, its Chairman Supratim Bandyopadhyay has said.

“Onboarding through mobile app has been pending for sometime. That we will be definitely doing,” Bandyopadhyay said when asked as to what one can expect on the NPS front from PFRDA over next 12 months. 

He was speaking at a virtual event to mark the launch of Computer Age Management Services Ltd (CAMS) as third Central Record Keeping Agency (CRA) for NPS. CAMS had received the certification of registration on March 30 last year to act as CRA.

A CRA plays an important role in the NPS architecture. CRAs are responsible to build, maintain and operate the NPS infrastructure. They act as operational interface for intermediaries by setting up the IT infrastructure.

Bandyopadhyay described CRAs as the fulcrum of the entire system.

The other two existing CRAs in the country are Protean eGov Technologies (formerly NSDL e-Governance Infrastructure) and KFin Technologies Private Limited.

One million NPS subscribers 

Bandyopadhyay said that PFRDA expects 1 million new NPS subscribers this fiscal. On Atal Pension Yojana, he said that PFRDA was aiming at 10 million customers this year and was close to achieving it.

“Despite two years of pandemic, we see 45 per cent increase in onboarding in corporate and retail sector. The numbers of customers joining in last four years has gone up three times. If all goes well, we will this year see 1 million new customers joining NPS,“ he said.

Bandyopadhyay also said that PFRDA is in talks with SEBI to ensure that NPS details are also included as part of the Consolidated account statement “so that at one place you can get data of all your financial investment”.

He also said that efforts are going on to ensure at least part of the annuity is tax free. Currently, annuity income is charged to tax depending on the tax slab of the recipient.

Published on March 17, 2022
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