The pension fund regulator has now allowed a new central record keeping agency (CRA) under the National Pension Scheme (NPS).
It is to be managed by CAMS, India’s largest registrar and transfer agent of mutual funds, and promises to provide superior subscriber services for pension account opening, record keeping and maintenance.
CAMS said the new platform will include facilities like subscriber on-boarding with multiple KYC options, maintenance and account keeping functions, as well as provide infrastructure for record keeping, including customer interaction systems and interfaces like Web, mobile App, and call centre, among others.
Earlier, the Pension Fund Regulatory and Development Authority (PFRDA) had appointed CAMS as a CRA to broad-base the services to NPS subscribers and the ecosystem.
Supratim Bandyopadhyay, chairman, PFRDA, said: “CRA plays a very important role for those in the NPS network. It is the fulcrum of the entire ecosystem, as all the data passes through the CRA to different entities within the ecosystem. If the CRA does not function for a day, the entire ecosystem will come to halt.
“I am delighted to be part of the launch of CAMS central record keeping agency under the National Pension System, and CAMS will start on-boarding customers to the e-NPS program from today. A large number of our workforce is in the unorganised sector, and need retirement solutions,” he added.
The NPS is a retirement scheme designed and regulated by the PFRDA that allows investors in the scheme to help build a retirement corpus. Since its launch on 1 January 2004, it has emerged as a preferred investment option for employers, employees, and the self-employed alike.
At present, there are a total of three CRAs functioning in the country.