PFRDA- Pension Fund Regulatory and Development Authority
As the launch of the New Pension System approaches, the Pension Fund Regulatory and Development Authority (PFRDA) remains keen that the India Posts hops on to the pension bandwagon as one of the points of presence (PoPs).
Though the first round of licencing of PoPs have been completed, with 23 entities having already been given the nod, the pension regulator is willing to throw open the window for the India Posts if it is willing to join. The authority feels that India Posts can provide a reach to the new system that no other established set up can do. The NPS is to be launched on May 1, 2009.
The authority had said that all such branches should have demonstrable capability to electronically transmit NPS subscriber’s contribution and information on at least T+1 (within one day of the transaction).
The PFRDA had said that branches of licenced entities that are providing PoP services must conform to the information technology infrastructure and have the capacity to electronically link with the central record-keeping agency.
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