PFRDA allows Aadhaar based offline paperless KYC (Know Your customer) verification process for NPS On-boarding

Hyderabad: PFRDA, in its endeavor to facilitate ease of enrollment of subscribers, constantly enables various modes of NPS on boarding through various channels such as e-NPS and POPs (Points of Presence).

Now PFRDA permits e NPS/Points of Presence to use the off line Aadhaar of the prospective subscribers (Applicant) with their consent for opening NPS Accounts. The Aadhaar based offline paperless KYC verification eliminates the need to provide the physical copy of Aadhaar. As per this new process, an applicant can download the password protected Aadhaar XML file in the off line mode by accessing UIDAI portal through eNPS and share the same for his KYC. The facility can also be availed for opening NPS accounts through Points of Presence (POP), which are offering this facility. In this process, the KYC details are in machine-readable XML format, which is digitally signed by UIDAI allowing eNPS/ POPs to verify the demographic contents of the file and certify the same to be authentic. The identity and address of the applicant can be verified in the process.

The process enables immediate activation of NPS account due to instant KYC verification and also facilitates immediate deposit of NPS contribution by the subscriber.