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PFRDA launches facility for online opening of APY subscription


The Pension Fund Regulatory and Growth Authority of India (PFRDA) has introduced the launch of Aadhaar-based e-KYC (know-your-customer) facility. If an individual needs to open Atal Pension Yojana (APY) account, he/she will achieve this by verifying particulars with Aadhaar primarily based e-KYC course of on-line.

At the moment, one can open APY account by visiting financial institution department. One may also subscribe to APY by means of internet banking or digital modes supplied by APY service suppliers.

The PFRDA issued a round dated October 27, that stated, “Now so as to additional improve the outreach and simplify the method of subscription, CRA (Central Recordkeeping company) could be offering digital on boarding primarily based by means of Aadhaar eKYC as a further choice.” Aadhaar XML primarily based on boarding has already been made accessible for the good thing about Subscribers. These processes are paperless.

The way it works

The PFRDA round stated that the data fetched from the possible subscribers by means of e KYC expertise framework viz Aadhaar particulars, demographic data, pension quantity, mode of cost and many others. shall be shared with the respective banks the place the subscribers’ financial savings checking account is maintained by means of on-line data trade for establishing of auto debit for the required quantity/mode. Publish opening of APY account, the following servicing of subscribers could be provided by the respective APY-SP.

Additional, all of the APY accounts are to be seeded with Aadhaar quantity for which the CRA will likely be offering a performance for facilitating the Aadhaar seeding of the present APY subscribers by means of the right consent mechanism. Moreover, APY-SPs may also gather the Aadhaar particulars from their related subscribers with due consent which might then be shared with CRA for seeding.

CRA is suggested to have interaction with all APY-SPs for system stage integration in order to offer the performance viz e KYC primarily based APY on-boarding and consent framework for Aadhaar seeding on the earliest, stated PFRDA round.

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