PFRDA allows OTP based authentication for NPS Subscribers who could not submit physical forms due to covid induced lockdown

Due to the Covid-19 induced lock-down and mobility challenges on account of social distancing norms, a large number of NPS Subscribers find it difficult to submit NPS Account opening forms to Central Record Keeping Agencies(CRAs). It was also observed by PFRDA that collection of physical forms by the Points of Presence (PoPs) and thereafter transmitting the same to the CRAs had become quite challenging. 

Hence, PFRDA, in the interest of NPS Subscribers, has decided to extend the OTP based authentication to such accounts where the physical form have not been received by CRAs. By OTP based authentication, the subscribers, whose physical forms are not received till now, need not submit the physical forms and hence those subscribers can continue to avail the services of NPS, viz. contribution deposit, choice of investment etc.

In this regardPFRDA has issued Circular No.  PFRDA/2020/51/SUP-CRA/22 dated 03.12.2020 ‘OTP based authentication for legacy accounts’.

In the interest of the subscribers, the PFRDA has also advised its intermediaries viz. CRAs/POPs to create awareness about this facility of OTP-based authentication among the Subscribers whose forms have not been received at CRAs so that such Accounts can be regularized. 

The subscribers whose mobile number and email id registered in their Accts can avail of the facility of OTP based authentication.

About Neel Achary 19692 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.