You can Now Open your Account Online in ‘Atal Pension Yojana’

Presently, subscription under Atal Pension Yojana is done through bank branch, net banking, or any other digital mode provided by the APY service provider.
Source: Google, Image by- The Financial Express
Source: Google, Image by- The Financial Express

PFRDA i.e. Pension Fund Regulatory and Development Authority has announced the launch of the e-KYC facility through Aadhaar. Those who want to open their account under Atal Pension Yojana (APY) can open their account online by the process of KYC using their Aadhaar details.

Atal Pension Yojana

Presently, subscription under Atal Pension Yojana is done through bank branch, net banking, or any other digital mode provided by the APY service provider.

Source: Google, Image by- News Nation
Source: Google, Image by- News Nation

The PFRDA had issued a circular on October 27 stating that, "Now in order to further enhance the reach and simplify the process of membership, the CRA (Central Recordkeeping Agency) will be providing digital onboarding through Aadhaar eKYC as an additional option." XML-based onboarding has already been made available, the processes are paperless for the benefit of the subscribers."

PFRDA circular

According to the PFRDA circular, information related to Aadhaar details, pension amount, mode of payment, etc. received from customers through e-KYC will be shared with banks. Where the savings bank account of the customers is maintained.

After opening the APY account, the latter service will be offered to the customers by the respective APY-SP. In addition, all APY accounts will be linked with the Aadhaar number. For which CRA will facilitate the Aadhaar linking of existing APY customers through a proper consent mechanism.

Source: Google, Image by- Corporate Finance Institute
Source: Google, Image by- Corporate Finance Institute

Also, APY-SP can also collect Aadhaar details with proper consent from their affiliated customers which will be shared with CRA for seeding later.

The PFRDA circular states that, CRAs are advised to engage with all APY-SPs for system-level integration so that e-KYC based APY on-boarding and consent framework for Aadhaar seeding is made available at the earliest.

Related Stories

No stories found.
Since independence
www.sinceindependence.com