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PFRDA Allows Paperless KYC for NPS Account Opening

PFRDA

Pension Fund Regulator PFRDA has provided relaxation for the opening of NPS accounts using Aadahar-based offline paperless KYC to onboard new subscribers under the National Pension System. Due to COVID-19, regulators are looking to digitally transform customer authentication and onboarding processes and provide a seamless experience for applicants.
PFRDA, in its guidelines on 27th May 2020, has announced that to increase the awareness of NPS and comply with the necessity of time, new technology is birthed to onboard the subscribers or applicants without demanding their physical presence. Penetrating the idea to increase the adoption of NPS, the transition towards a more tech-driven world has made it possible for PFRDA to ease the onboarding process.
It is a simple, secure, and reliable system that will attract tech-savvy millennials. PFRDA has added to permit e-NPS and points of presence (POP) facilities to use offline Aadhar of the applicants with a consent-based policy. Now, there’s no need to provide a physical copy of the 12-digit identifier.

How does this process work?

The NPS account opening can also be availed through Points of Presence (POP), which are said to provide this facility.
The PFRDA regulations have made amendments to the existing KYC process and have designed a seamless onboarding experience for citizens of India.
While the government is rethinking the customer onboarding process with a digital-first strategy, Ameyo in line with the KYC guidelines is providing Video-based KYC solution for banks and financial institutions and provide a digital customer onboarding experience. Video as an engagement channel can help deliver personalized experiences and ensure integrity to the customers. With government moderating the KYC process for opening of NPS accounts, Ameyo is also simplifying the customer journeys with its best-in-class Video KYC solutions.

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