Easing the paperless on-boarding process further, pension fund regulator PFRDA on Monday said that documentation for joining its scheme can be furnished through the government’s Central KYC (CYC).
Central KYC (CKYC) is the government’s initiative which allows users to complete their KYC (know your customer) only once for interacting with multiple service providers across the financial sector falling under various regulators.
The Pension Fund Regulatory and Development Authority (PFRDA) already facilitates digital onboarding for its pension schemes under National Pension System (NPS) through documents issued via Digilocker, Aadhaar eKYC, PAN or bank account details.
In the series of various digital initiatives as part of Azadi Ka Amrit Mahotsav (AKAM) to mark 75 years of India’s Independence, PFRDA said the prospective subscribers are provided with another option for opening NPS Account through CKYC which is online and paperless.
CKYC is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI ). It is an authorized central government entity to function as the Central KYC Registry (CKYCR).
“The objective of CKYCR is to ease the process of opening account with financial service providers and unburden the investors from producing KYC documents and getting those verified every time,” PFRDA said in a release.
CKYCR is a centralized repository of KYC records of investors in the financial sector which facilitates inter-usability of the KYC records across the sector with their due consent. PTI KPM