PFRDA notifies Point of Presence (PoP) Regulations requiring only one registration for National Pension System

The Pension Fund Regulatory and Development Authority (PFRDA) notified the Point of Presence (PoP) Regulations 2023, simplifying the registration process with the objectives of ease of doing business and greater usage of digital mode.

With this notification, banks and non-banks can act as PoPs to on-board NPS subscribers. Now, they require only single Registration for NPS, instead of multiple registrations earlier, and can operate with just one branch with wider digital presence. The timeline for disposing off applications has been reduced from 60 days to 30 days.

The above simplification is in line with Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.