The number of investors in the National Pension System is increasing. Meanwhile, the pension regulator, the Pension Fund Regulatory and Development Authority (PFRDA), has issued new rules for online registration for the NPS. Under these rules, OTP and digital signatures have been made mandatory for submitting online registration forms.
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National Pension System: Opening an NPS (National Pension System) account is now going to be more secure than ever. Pension regulator PFRDA has issued new rules for those registering for NPS online. According to ET, it is now mandatory to prove identity through an OTP received on your mobile phone or a digital signature (e-Sign) to submit the online registration form. PFRDA stated that this new rule has been implemented by amending an earlier circular dated June 15, 2020, which previously provided the e-Sign or OTP facility only as an option.
According to the new PFRDA circular, anyone opening an NPS account online will now be required to verify the form by submitting it using an e-Sign or an OTP received on their mobile number. Applicants’ approval for all mandatory declarations and terms and conditions at the end of the online form will now be obtained through this OTP or e-Sign. Without this, the form will not be considered complete.
Why was this decision made?
The PFRDA stated in a statement that this decision was made to make the entire process more secure and reliable for customers. Following the issuance of this new circular, the pension body has directed all Central Recordkeeping Agencies (CRAs) and Points of Presence (POPs) to immediately update their systems and customer online onboarding processes to comply with these new regulations.
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