PFRDA allows digital onboarding for NPS through CKYC

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The Pension Fund Regulatory and Development Authority (PFRDA) has announced enabling of multiple modes of digital onboarding for the National Pension Scheme (NPS) through Digi Locker-issued documents, Aadhaar, eKYC, PAN and bank accounts.

In a series of digital initiatives undertaken as part of Azadi Ka Amrit Mahotsav to mark 75 years of India's Independence, PFRDA said on November 14 subscribers were being offered the option to open an NPS account through central know your customer (CKYC) and the process was online.

CKYC is aimed at helping NPS subscribers as well as other investors complete their KYC only once for multiple service-providers across the financial sector.

CKYC is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), the authorised government of India entity that serves as the CKYC registry (CKYCR).

The objective of the registry is to ease the process of opening accounts with financial services-providers and unburden the investors from producing KYC documents every time they open a new account, the release said.

As a centralised repository of KYC records, CKYCR facilitates the interoperability of records across the financial sector when the investor’s consent.