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Business News/ Money / Personal Finance/  NPS transactions to get more secure through aadhaar-based access, PFRDA releases circular
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NPS transactions to get more secure through aadhaar-based access, PFRDA releases circular

As of now, a password-based login is used to access the central recordkeeping agency for NPS transactions. It has now been decided to bring in additional security features through aaadhaar-based authentication for login to the CRA system.

The CRA system will be accessible through 2-factor authentication. Premium
The CRA system will be accessible through 2-factor authentication.

The Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday released a circular in a bid to secure NPS (National Pension System) transactions through aadhaar-based access of the Central Recordkeeping Agency system under the government sector.

As of now,  the nodal offices under central and state governments including autonomous bodies currently use a password-based login in order to access the central recordkeeping agency (CRA) for NPS transactions.

To increase the security measures in accessing the CRA system and safeguard the interest of subscribers and stakeholders, it has been decided to bring in additional security features through aadhaar-based authentication for login to the CRA system.

Two factor authentication

The aadhaar-based login authentication will be integrated with the current user ID and password-based login process so as to make the CRA system accessible through 2 factor authentication.

The integration of aadhaar based login authentication is a proactive step to fortify the overall authentication and login framework. The initiative is designed to create a secure environment for all NPS activities carried out by government offices and autonomous bodies.

Will go live in April

The new system is currently being developed and is likely to go live on April 1, 2024.

Additionally, the Central Recordkeeping Agency will disseminate a detailed standard operating procedure along with the proceeds flow to government nodal offices and engage extensively with nodal officers to make them aware of the changes.

ALSO READ: What is Blue Aadhaar card? How to apply and other key details

Signed by K Mohan Gandhi, chief general manager, the circular has also directed all offices under government sector and autonomous bodies to note the same and put in place the necessary framework for implementation of the additional feature of aadhaar-based login and authentication in CRA system to perform all NPS-related activities.

Partial withdrawal

In another news, PFRDA released a circular stipulating rules for partial withdrawals of pension funds up to 25 percent of their contribution to pension accounts. 

The pension fund body released a master circular early this month delineating the reasons for partial withdrawals.

To be eligible, the subscriber should have been a member of the NPS for a minimum of  three years from the date of joining. And only three partial withdrawals are allowed during the entire subscription tenure under the NPS. 

 

 

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Published: 21 Feb 2024, 03:50 PM IST
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