With the huge base of Jan-Dhan accounts linked to mobile phones, the government has now moved to link the bank accounts and cell phone numbers of subscribers of the National Pension System (NPS) with their pension accounts.
The Pension Fund Regulatory and Development Authority (PFRDA), which regulates and develops the pension sector, has introduced a new Common Subscriber Registration Form(CSRF) where new subscribers will have to include the aforementioned details. Existing subscribers can update their details on the Central Record Keeping Agency (CRA) websites.
The move, according to the government, is to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle free. The linking is also expected to lead to simplification of procedures for account opening, withdrawal, grievance management etc.
The Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) have been made mandatory for new as well as existing subscribers. This is in order to comply with the guidelines for the Prevention of Money Laundering Act, issued by the government of India.