PFRDA allows digital onboarding for NPS through CKYC

PFRDA allows digital onboarding for NPS through CKYC

Reetu | Nov 25, 2022 | Views 78157

PFRDA allows digital onboarding for NPS through CKYC

PFRDA allows digital onboarding for NPS through CKYC

The Pension Fund Regulatory and Development Authority(PFRDA) has allowed the digital onboarding for NPS through CKYC via issuing Circular.

The Circular Stated, “PFRDA had enabled multiple modes of digital onboarding into NPS through Digi Locker Issued Documents, Aadhaar e-KYC/ XML and PAN/Bank account. In the series of various digital initiatives as part of Azadi Ka Amrit Mahotsav (AKAM) to mark 75 years of India’s Independence, PFRDA is pleased to inform that the prospective Subscribers are provided with another option for opening NPS Account through CKYC and the process is online and paperless.”

Central KYC (CKYC), a unique initiative of the Government of India (GoI) to empower NPS Subscribers/ financial investors to complete their KYC only once for interacting with multiple service providers across the financial sector under the ambit of various Regulators.

CKYC is managed by CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India), the authorized entity of GoI to function as the Central KYC Registry (CKYCR).

The purpose of CKYCR is to simplify the account creation procedure with financial service providers and relieve investors of the hassle of supplying KYC documentation and having it validated on a regular basis. With their proper authorization, the CKYCR operates as a centralised repository for the KYC records of investors in the financial sector and allows the interoperability of the records across the sector.

CKYC Identification Number is a 14-digit number allotted by CERSAI to an investor post completion of CKYC formalities.

By visiting the web page of the financial institutions offering a CKYC check tool, prospective Subscribers can also check their CKYC number or status online. They might also ask for the number from the financial institutions they used to submit their CKYC paperwork.

One of the Central Record Keeping Agencies (CRA) currently provides the facility and the process flow of executing digital onboarding through CKYC for the benefit of stakeholders.

For the Official Circular Download the PDF Given Below:

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