Aishwarya Rathore-
Published On: October 12, 2021 at 16:17 IST
The Pension Fund Regulatory and Development Authority (PFRDA) will now manage the National Pension System (NPS) through three Central Record Keeping Agencies (CRAs), namely KFin Technologies Private Limited, NSDL e-Governance Infrastructure Limited, and Computer Age Management Services Ltd. (CAMS).
According to a PFRDA circular, “CRAs are responsible for building, maintaining, and operating the NPS infrastructure. They act as an operational interface for intermediaries by setting up the Information Technology (IT) infrastructure.
It further stated, “The CRA’s IT framework will be scaled up to meet changing needs and will be adaptable to future changes in the record-keeping / administrative facility. CRAs provide new features or utilities, establish new processes, continue to improve, and develop modules to meet the goals of various stakeholders.”
PFRDA has appointed numerous CRAs in the Public Interest and given its stakeholders the choice to cater to their specific requirements.
These CRAs also provide a unique help desk and proactive interaction with subscribers to ensure a smooth exit process and annuity start-up.
The circular further stated, “Subscribers will receive notifications and periodic updates, alerts informing them about NPS investment, information on returns generated, corpus created, relative fund performance, portfolio performance, gains, IRR, etc.”
Furthermore, some of the essential services provided by these CRAs to NPS intermediaries include the creation and facilitation of reports to assist intermediaries in fulfilling their deliverables, investment scheme and pension contribution information reporting, and so on.
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