Now the pension rules are changing: A subscriber can Open Atal Pension Account Online. The PFRDA has said that the process could be done online.
It has been saying, that the government has added to simplify the procedures to enroll in the Atal Pension Yojana, the option of Aadhar eKYC whereby citizens could subscribe to the scheme.
The onboarded process further, pension fund regulator PFRDA has now will be permitting the Aadhaar eKYC as an additional option to expand its subscriber base and simplify and add the customers under its pension scheme Atal Pension Yojana.
The enrollment of the subscribers through physical, net banking, and other digital modes, at present, had been allowed by the Pension Fund Regulatory and Development Authority.
To further increase the extent and simplify the process of subscription, CRA (Central Recordkeeping Agency) would be providing digital onboarding based through Aadhaar eKYC as an additional option.
The PFRDA said on a notification these processes are paperless.
The subsequent servicing of the subscribers would be offered by the particular APY-SP Post opening of an APY account.
The government aims to introduce Atal Pension Yojana (APY) was to provide social security to workers mainly in the unorganized sector in 2015
It aims in India to create a Universal Social Security system for all, especially the underprivileged and workers who had limited means.
The Pension Fund Regulatory and Development Authority was the managing director of APY under its managerial and institutional architecture of the National Pension System.
The Aadhaar was used as simplifying the government’s delivery processes transparently and efficiently, identity documents, for the delivery of services or benefits under APY,
The Aadhaar e-KYC process joins the existing Aadhaar XML based organizational process and gives customers two paperless options to pick up.
The CRA would provide functionality for facilitating the Aadhaar seeding of the existing APY subscribers through the proper consent mechanism on which all the APY accounts are to be applied with the Aadhaar number for which.
CRA was advised to engage with all APY-SPs for system-level combination to provide the utility viz e KYC based APY on-boarding and consent framework for Aadhaar seeding at the earliest, the regulator claimed.
Based on the e-KYC, the subscribers will be able to include with Aadhaar details, information of demographic, pension amount, mode of payment, spouse/nominee name, and bank account information, and more are received this information from a report accordingly.
Follow and connect with us on Facebook, LinkedIn & Twitter
