Sunday , May 19 2024

Aadhaar verification will be mandatory in NPS account, new system will be implemented from April 1

Taking a big decision, pension fund regulator PFRDA has made Aadhaar based verification of National Pension Scheme (NPS) account mandatory. Now withdrawal from the account will be possible only after double verification i.e. two-factor authentication. The new system will come into effect from April 1.

The regulator has recently issued a circular in this regard. Accordingly, additional security measures have been put in place to log into the Central Record Keeping Agency (CRA) system. This has been done keeping in mind the interests of NPS members and other parties.

Now two-factor authentication will be used to log into the CRA system. CRA system is a web based platform, designed for NPS related functions.

Currently this is the arrangement: At present NPS members require user ID and password to login to the account. Changes and withdrawals in the account are possible only through these. At present, nodal officers of the Central and State Governments rely on a password based system to log into the CRA system. To make it more secure it will be linked to Aadhaar based verification.

You can use it like this: According to PFRDA, Aadhaar based log-in verification will be linked to the user ID of the NPS member. After this, NPS account can be logged in by entering the OTP received on the mobile number linked to Aadhaar.