Aadhaar eKYC allowed for Atal Pension Yojana subscription: PFRDA
PremiumAs of now, the PFRDA allows subscribers to enroll for its flagship pension scheme through physical, net banking and other digital modes
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Pensioners can now subscribe for the Atal Pension Yojana (APY) pension scheme via Aadhaar eKYC. Pension fund regulator Pension Fund Regulatory and Development Authority (PFRDA) has added this options to expand its subscriber base and make the onboarding process simpler.
As of now, the PFRDA allows subscribers to enroll for its flagship pension scheme through physical, net banking and other digital modes.
“Now in order to further increase the outreach and simplify the process of subscription, CRA (Central Recordkeeping agency) would be providing digital on-boarding based through Aadhaar eKYC as an additional option. These processes are paperless," the PFRDA said in a notification.
After an APY account is opened, Atal Pension Yojana-Service Provider (APY-SP) will offer subsequent servicing to the subscribers.
The PFRDA further mentioned that all the APY accounts will be linked to Aadhaar. For this, the CRA will provide a functionality to facilitate the Aadhaar seeding of the existing APY subscribers through the proper consent mechanism. APY-SPs can also collect the Aadhaar details from subscribers after taking their consent which would then be shared with CRA for seeding.
“All APY-SP banks are encouraged to provide e-APY link in their respective corporate website for the benefit of their customers and facilitate them with ease of on-boarding," the PFRDA notification read.
“CRA is advised to engage with all APY-SPs for system level integration so as to provide the functionality e-KYC based APY on-boarding and consent framework for Aadhaar seeding at the earliest," it further added.
The government introduced Atal Pension Yojana (APY) on June 1, 2015, to provide social security to workers mainly in the unorganised sector. It aims to create a Universal Social Security system for all Indians, especially the under-privileged and workers with limited means.
The PFRDA is the administrator of APY under its administrative and institutional architecture of the NPS (National Pension System). Usage of Aadhaar as identity document, for delivery of services or benefits under APY simplifies government's delivery processes in a transparent and efficient manner.
The numbers of subscribers under APY stood at 304.51 lakh as of August 31, 2021, the PFRDA data showed.
(With PTI inputs)
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