Latest News | PFRDA Allows Paperless Aadhaar-based KYC Process for Opening NPS Account

New Delhi, May 27 (PTI) Pension fund regulator PFRDA on Wednesday said it has allowed Aadhaar-based paperless KYC process for onboarding of new subscribers under the National Pension System (NPS).

The Pension Fund Regulatory and Development Authority of India (PFRDA) said it has permitted e- NPS/Points of Presence facilities to use offline Aadhaar of prospective subscribers with their consent for opening NPS accounts.

Also Read | Heatwave to Intensify, Temperature in Rajasthan’s Churu Touches 50 Degrees Celsius: IMD Weather Forecast.

The Aadhaar-based offline paperless KYC verification eliminates the need to provide a physical copy of the 12-digit identifier.

Under the new process, an applicant can download the password-protected Aadhaar XML file by accessing the UIDAI portal through eNPS and share the same for his KYC.

Also Read | Amazon Provides Free COVID-19 Health Insurance for Its Sellers in India.

The facility can also be availed for opening NPS accounts through Points of Presence (POP), which are offering this facility, it added.

In this process, the KYC details are in machine-readable XML format, which is digitally signed by UIDAI allowing eNPS/ POPs to verify the demographic contents of the file and certify the same to be authentic.

The identity and address of the applicant can be verified in the process.

"The process enables immediate activation of NPS account due to instant KYC verification and also facilitates the immediate deposit of NPS contribution by the subscriber," PFRDA said. PTI

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)