PFRDA revises the process of on-boarding of NPS subscribers

Apr 16, 2020 | by Avantis RegTech Legal Research Team

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Labour Compliance

The Pension Fund Regulatory and Development Authority (PFRDA) on April 13, 2020, has decided to extend the timeline for completion of documentation with Central Record keeping Agencies (CRAs). It has revises the process of on-boarding of NPS subscriber through Online PRAN Generation Module (OPGM) and freezing norms to streamline the irregular accounts which requires verified documentations.

Thus, following changes are made:-

1) No new account shall be opened by CRA without photo and signature.

2) CRA shall not facilitate corporates or POPs to open such accounts.

3) CRAs shall provide facility for uploading photo and signature online in the accounts, where photo and signature is not updated.

4) There shall be no change in the status of e-NPS accounts.

5) All other PRANs, barring the e-NPS accounts opened till date including those opened in the current Quarter (April to June 2020) shall continue to remain in ‘Active’ status and considering the prevailing lockdown situation, shall be allowed to complete the pending documentation till July 30, 2020.

6) The accounts without the minimum annual contribution of Rs. 1000/- in the Financial 2019-2020 shall be kept in frozen status till the required contributions are made either through POPs or through e-NPS.

This Circular shall come into effect from April 20, 2020.

[PRFDA Circular No. PFRDA/2020/9/SUP-CRA/2]


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