Pension fund regulator PFRDA has made bank account details and mobile number mandatory for subscribers of national pension scheme (NPS), the finance ministry said on Friday.
Further, in compliance with the Prevention of Money Laundering Act (PMLA) guidelines, the Pension Fund Regulatory and Development Authority (PFRDA) has also made Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing subscribers.
PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS), like new functionality development under NPS architecture, simplification of account opening, withdrawal and grievance management.
"It has been decided by the authority to make bank account details and mobile number mandatory to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle-free," the ministry said in a statement.
The requirements have been made mandatory in the new common subscriber registration form (CSRF) that are required to be filled in by the new subscribers.
The existing subscribers have been provided the facility to submit online FATCA Self-Certification in their login (www.cra-nsdl.com or (https://enps.karvy.com/Login/Login), the ministry said.
"It is to be ensured by the subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms," it added.