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NPS New Rule: A new rule regarding the National Pension System has been issued by the Pension Fund Regulatory and Development Authority (PFRDA), the government organization that operates the NPS. Now two factor authentication has been introduced in the CRA system.
In the circular issued by PFRDA, it was said that this decision has been taken to protect the interests of all subscribers and parties in the CRA system. Now login to CRA system can be done only through Aadhaar based authentication.
When will this security feature be launched?
In the circular issued by PFRDA, it was said that the new login process can start from April 1, 2024. Now you can log in through Aadhaar authentication only with your existing user ID and login password.
Why was the existing NPS login process changed?
PFADA informed that nodal offices including their affiliated autonomous bodies under the Central and State Governments currently use password-based login to access the Central Recordkeeping Agency (CRA) for NPS transactions. Now with the use of Aadhaar authentication the entire logging in process will become stronger and more secure.
What is NPS?
The full name of NPS is National Pension System. It is a retirement plan in which government and private sector employees can invest. The special thing about NPS is that it is invested for a long period and after 60 years, one gets the option of pension along with lump sum payment. Earlier this scheme was started in 2004 only for government employees, but later in 2009 it was opened for private employees also.