PFRDA Got Customer-Friendly In 2016, Took Several New Initiatives – India Pages

The Pension Fund Regulatory and Development Authority – PFRDA – took several customer-friendly initiatives in the year gone by i.e. 2016. The launch of mobile app for National Pension System (NPS) subscribers was one of the important steps taken in that direction.

To start with, only view facility for latest Holding Statement under PFRDA-led NPS was available. Subsequently, the other facilities like last five contribution transactions details, change in contact details (Telephone / Mobile no. / email ID), change password / security question, transaction statement for the year, account details and a few others were made available and extended to the subscribers of National Pension System, who have been using the NPS app.

Besides, online Tier II activation through eNPS was made functional. That apart, cases where Bank has not confirmed Know Your Customer (KYC) and PRAN was in frozen state, functionality was developed wherein subscribers (registered through eNPS- PAN based) could update the address using Aadhaar-based authentication under eNPS. In such case, no confirmation would be required from Bank and the subscriber can make further NPS contributions.

However, details of the process for ’re-KYC verification’ through Aadhaar authentication is provided to those subscribers where KYC has been rejected by Banks via email.

The feature has been developed wherein subscribers can update the address using Aadhaar-based authentication under NPS. At present, this feature has been made available to UOS (All citizen) and corporate sector.

The year also saw the major development in the form of NPS subscribers, except in the Government sector (Central as well as State Governments), being allowed to change their Scheme Preference after two level authentication process. The One-Time Password (OTP) generation in this case would possible only after logging in.

The facility for a subscriber to generate online Internet Personal Identification Number (IPIN) and Telephonic Personal Identification Number (TPIN) in the eNPS was provided.

Coming to another pension scheme i.e. Atal Pension Yojana (APY), which is being led by the Pension Regulator (PFRDA) to cater to people from the lower sections of society for enrolling a pension scheme, functionality to upgrade and downgrade the pension amount under the scheme was also started in this very year.

Enabling Aadhaar seeding (Linking Aadhaar) for subscribers through the login in Central Record-Keeping Agency (CRA) was made possible.

In case of any delay in FRC upload by Trustee Bank, compensation is to be paid by Trustee Bank (through settlement) for the delay. Towards this, the other functionality-based changes which were made effective on the advice of PFRDA were:

  1. In case the derived value (for each record) is equal or more than Rs. 50 then Subscriber Contribution File (SCF) will be generated for such cases
  2. In case the derived value is less than Rs. 50 (for each record) then the calculated compensation will be transferred to designated account by Trustee Bank

iii. Communication to Trustee Bank will have both, amount calculated for Fund Receipt Confirmation (FRC) and amount calculated for other transfers

Apart from that, the capturing of mobile no. and email ID of the subscriber at the time of rejection memo was also facilitated. Accordingly, SMS and E-mail for the rejection is sent, if rejection happens.

Also, following features have been enabled in the monthly transaction statement (e-mailed to subscriber on registered email ID), annual transaction statement and transaction statements requested through mobile app, IVR and call centre user. A single programme has been enabled to cater to all.

  1. Password protected PDFs will be sent
  2. Password will be the first 4 digits of subscriber’s name followed by Date Date Month Month (DDMM) of Date of Birth (DOB)

iii.    Tier 1 and Tier 2 statements will be combined for monthly transaction statements

 

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S Kapeed