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HomeNewsGovTechNSDL and Karvy to modernise National Pension System for PFRDA

NSDL and Karvy to modernise National Pension System for PFRDA

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NSDL e-governance Infrastructure Limited and Karvy Computershare Pvt. Ltd will facilitate the ease of operation for the benefit of subscribers of Pension Fund Regulatory and Development Authority (PFRDA)

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NSDL Infrastructure Limited and Pvt. Ltd will facilitate the ease of operation for the benefit of subscribers of Pension Fund Regulatory and Development Authority (), said a statement. Both these organisations will modernise the back-end and front-end of PFRDA to improve overall efficiency and ease of doing business at PFRDA.

Pension Fund Regulatory and Development Authority (PFRDA) is established by the government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers.

PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc.

In this regard, during the quarter ended on June 30, 2017, various functionalities have been released by the Central Recordkeeping Agencies (CRAs). The and Karvy Computershare Pvt. Ltd will facilitate the ease of operation for the benefit of subscribers.

has established a Central Recordkeeping Agency (CRA) for the New Pension System (NPS) on behalf of the Pension Fund Regulatory and Development Authority (PFRDA).

NPS was introduced by Government of India for its new employees (except the Armed Forces) w.e.f. January 1, 2004. NPS is an important pension reform for the old age financial security. The CRA is a first of its kind of venture in India and is critical to the successful operationalisation of the NPS.

Under the NPS, each new government employee will open an account with CRA which will be identified through unique Permanent Retirement Account Number (PRAN). In this system, deductions will be made from employee's salary on monthly basis and equal amount of contribution will be made by the Government. The amount will get invested through PFRDA appointed Pension Fund Managers (PFMs).

The accumulated amount will be reflected in employee's Permanent Retirement Account while employee is working and shall use the accumulations at retirement to procure a pension for the rest of the life. Subscribers in this system shall enjoy certain facilities and rights including portability across jobs and locations, choices of selection of Pension Funds and investment schemes, freedom to switch between service providers and nationwide access.

Following works are being undertaken by NSDL e-Governance Infrastructure Limited

Sr. No. Functionality                        Description Release Date
1 Annual Freezing Subscriber account would be unfrozen on minimum contribution of Rs. 500 in any of the Financial Year.  The Subscriber would be allowed to contribute through normal process i.e. through any POP or through eNPS 4-Apr-17
2 NPS Mobile App – Aadhaar Seeding The Subscriber can now link his/her Aadhaar to NPS account using Mobile App. 4-Apr-17
3 NPS Mobile App – Captcha in Contribution Screen In Mobile App, the Subscriber has an option to submit the contributions without logging into App, routed through Captcha 4-Apr-17
4 NPS Mobile App – Reset password using OTP Subscriber can now reset his/her password using Mobile App through OTP. This option is in addition to the option of resetting password using secret question. 4-Apr-17
5 Scheme Preference Change Now, the Subscribers (other than Govt.) will have facility to change PFM once and Investment Option (active or auto choice) as well as Asset Allocation Ratio twice in a Financial Year. 4-Apr-17
6 NPS Mobile App – Tier II Withdrawal Subscriber can now initiate Tier II account withdrawal under NPS using Mobile App and funds will get transferred to Subscriber's Bank Account registered with CRA. 8-Apr-17
7 Interoperability between CRAs Now, Subscribers have option to open account with either of the CRAs. The existing Subscriber can also select CRA of his/her choice, once in a year. The target CRA will facilitate the shifting request under NPS. 15-Apr-17
8 New Payment Gateway – BillDesk In eNPS, alongwith SBI ePay, BillDesk has been integrated as the second Payment Gateway Service Provider for ease of online contribution by the subscriber. 4-May-17
9 NPS Mobile App – Hindi version The bilingual version of Mobile App has been developed for convenience of NPS Subscriber. 15-May-17
10 Transaction Statement – view The Subscriber can access their Transaction Statement through CRA NPS Lite website ( 7-Jun-17
11 NPS Mobile App – enhancement “Remember PRAN” in the APP is enabled. Now, Subscribers need not enter 12 digit PRAN every time they login. 8-Jun-17
12 NPS Mobile App – NPS Lite/APY Similar to NPS Regular, Mobile  App is introduced for NPS Lite/APY Subscribers. In 1st phase, following features are released for NPS Lite/APY Subscribers.
1. Statement of Holding
2. Statement of Transaction (pdf download)
3. Subscriber details view
4. Last three Contribution details
13 Grievance – enhancement Subscribers under NPS Lite have facility to raise grievances in Central Grievance Management System (CGMS) against CRA/ Nodal Office / NPS Trust. 23-Jun-17
14 eNPS – Service Tax replaced with GST Replacement of existing Service Tax to GST;
1. Receipts will be have label as GST and will be having 18% calculated amount
2. Labels/text which shows payment gateways charges is being modified to display GST & 18% instead of service tax and 15%
3. The Service tax element which was charged for the trail commission during subsequent contribution payment through online payment mode in eNPS will be termed as GST


Following works are being undertaken by Karvy Computershare Pvt. Ltd

Sr. No. Functionality Description Release Date
1 Mobile App Mobile App for NPS Subscribers who are registered with Karvy CRA. Subscriber can download the NPS Mobile App from Google Play store by searching the name “NPS by Karvy-CRA”. 13-Apr-17
2 e-Sign The e-Sign facility has been implemented for Subscriber registering (Tier I or Tier I & Tier II) through eNPS using Aadhaar authentication and the same is now available for Subscribers. 21-Apr-17
3 CGMS Following facility has been developed:

1. If the Subscriber is not satisfied with the resolution provided by the entity, then subscriber can escalate the grievance to NPS Trust.
2. If the subscriber grievance is not resolved within 30 days, subscriber can escalate to NPS Trust.

4 SMS/Email Subscriber will get to know that the PRAN Kit has been dispatched by CRA. 29-Apr-17
5 Missed Call Service Subscriber can now just give a missed call to 9212993399 through his/her registered mobile number for knowing his/her balance in NPS account. 26-May-17
6 Mobile App Now the online contribution facility has been made available outside the login. In this case, Subscribers details will be authenticated through OTP and contribution will be allowed. 26-May-17
7 Mobile App Currently, Mobile App for Karvy CRA Subscribers is available for Android users. Now the same has been made available for iOS users. The following features are provided through the Mobile App:
1. View your Profile details.
2. View current Holdings
3. Request for Transaction Statement on registered Email ID.
4. Change contact details like Telephone, Mobile no. and Email ID.
5. Change Password facility
6. View Last 5 contribution transactions carried out
7. Contribute in NPS Tier I as well as Tier II account
8. Change Scheme Preference
9. One Way Switch request (from Tier II to Tier I)
10. Tier II withdrawal request
11. Modify address using Aadhaar
12. Grievance/Enquiry
13. Generate Password
14. Online contribution without login
8 Interoperability Interoperability between both the CRAs has been implemented. The changes related to shifting of Corporate Subscriber from one CRA to another CRA has been made available. 05-Jun-17
9 GUI Positioning and label of the “Generate/Reset Password” has been changed to make it more subscriber friendly. 30-Jun-17
10 GUI Following are the message w.r.t. Service Tax has been changed to display the GST instead of Service tax:
1. Change of Payment Gateway charges message in eNPS like Transaction charges plus GST@18% (based on PGSP confirmation)
2. Change of e-Sign message regarding charges like GST instead of Service Tax
11 Limited Access View Limited access View (Without login) – A link has been made available on CRA system wherein Subscriber/Nodal Office can check the status of various request without login into CRA system. Subscriber/Nodal office has to enter the PRAN or Ack ID or Receipt No (as per request) and latest status will be displayed. Following are the request type has been considered:
1. Subscriber registration status
2. PRAN kit dispatch
3. Contribution status
4. Grievance status
5. Withdrawal status

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Sanjay Singh
Sanjay Singh
Sanjay Singh covers startups, consumer electronics and telecom for
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