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Bank account, mobile number now mandatory for NPS subscribers

4/21/2018

Agencies, New Delhi Pension Fund Regulatory and Development Authority (PFRDA) has made bank account details and mobile number mandatory for subscribers of National Pension Scheme (NPS). The move is aimed to provide ease of operation for the benefit of subscribers and make the process of Exit from NPS hassle free, the Finance Ministry said in a statement on Friday. Further, in compliance with the Prevention of Money Laundering Act (PMLA) guidelines, the Pension fund regulator has also made Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS), like new functionality development under NPS architecture, simplification of account opening, withdrawal and grievance management. The requirements have been made mandatory in the new common subscriber registration form (CSRF) that are required to be filled in by the new subscribers.

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