Tag: PFRDA

News

Bank of India receives Top Honours at PFRDA

Jun 29, 2024 by Sujata Muguda 0 Comments #APY Ultimate Champions Cup, #Bangalore, #Bank of India, #Mr M Karthikeyan, #PFRDA, #Rajneesh Karnatak, #State Level Bankers’ Committee (SLBC) Jharkhand

Bangalore, 29 June 2024: Bank of India (BOI) has been honoured with multiple prestigious awards, recognizing its outstanding performance in various aspects of banking and financial inclusion. BOI has been felicitated with the Atal Pension Yojana Annual Award for FY2023-24 by PFRDA (Pension Fund Regulatory and Development Authority Awards) for the second consecutive year. Additionally, the Bank has been awarded the APY Ultimate Champions Cup while three of its branches have been recognized among the top five branches across India.

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In a testament to its leadership role, the State Level Bankers’ Committee (SLBC) Jharkhand, led by Bank of India, received the prestigious ‘Award of Ultimate Leadership’ for exemplary contributions to APY enrolments in the state. The Bank’s commitment to financial inclusion was further highlighted as BOI-sponsored Regional Rural Banks – Aryavrat, MPGB, and VKGB – were also felicitated for their APY enrolment achievements.

The awards were presented by the Secretary of the Department of Financial Services, in the presence of the PFRDA Chairperson and senior executives from public sector banks. Mr M Karthikeyan, Executive Director of Bank of India, accepted the awards on the Bank’s behalf.

Rajneesh Karnatak, Managing Director & CEO – Bank of India, stated: “These awards reaffirm our unwavering commitment to financial inclusion and excellence in banking services. Such recognitions motivate us to continue innovating and expanding our reach to serve every segment of society.”

These accolades underscore Bank of India’s dedication to promoting financial security, retirement planning and overall banking excellence.

News

PFRDA allows OTP based authentication for NPS Subscribers

Dec 4, 2020 by Neel Achary 0 Comments #OTP-based authentication, #PFRDA

PFRDA allows OTP based authentication for NPS Subscribers who could not submit physical forms due to covid induced lockdown. Due to the Covid-19 induced lock-down and mobility challenges on account of social distancing norms, a large number of NPS Subscribers find it difficult to submit NPS Account opening forms to Central Record Keeping Agencies(CRAs). It was also observed by PFRDA that collection of physical forms by the Points of Presence (PoPs) and thereafter transmitting the same to the CRAs had become quite challenging. 

Hence, PFRDA, in the interest of NPS Subscribers, has decided to extend the OTP-based authentication to such accounts where the physical form have not been received by CRAs. By OTP based authentication, the subscribers, whose physical forms are not received till now, need not submit the physical forms and hence those subscribers can continue to avail the services of NPS, viz. contribution deposit, choice of investment etc.

In this regard, PFRDA has issued Circular No.  PFRDA/2020/51/SUP-CRA/22 dated 03.12.2020 ‘OTP based authentication for legacy accounts’.

In the interest of the subscribers, the PFRDA has also advised its intermediaries viz. CRAs/POPs to create awareness about this facility of OTP-based authentication among the Subscribers whose forms have not been received at CRAs so that such Accounts can be regularized. 

The subscribers whose mobile number and email id registered in their Accts can avail of the facility of OTP based authentication.

Business World

Revision in cut off time under D Remit for same day NAV

Nov 18, 2020 by Gouri Achary 0 Comments #D Remit, #NAV, #PFRDA

PFRDA had enabled multiple modes of depositing NPS Contributions by the subscribers. D-Remit is one of the digital option enabled recently for the benefit of NPS Subscribers, which empowers the Subscribers to schedule contributions on any given day and also optimizes investment benefit with the same day NAV in a cost-effective manner.

Vide Circular no. PFRDA/ 2020/ 44/ SUP-CRA/17 dated 01st Oct 2020, PFRDA had introduced the D-Remit facility for the subscribers of all the sectors of NPS wherein they could deposit their voluntary contributions with greater ease by creating a static virtual ID linked to their Permanent Retirement Account Number (PRAN), and get same day’s NAV, provided contributions are received at Trustee Bank till 8.30 am.

Effective from 12th November 2020, the said timing has been revised and now the voluntary contributions received at Trustee Bank till 9.30 am. on any bank working day (other than Saturday, Sunday and Holidays) would be considered for giving the subscriber the same day’s NAV. The contributions received post 9.30 am. shall be considered for the next working day’s NAV.

The users of D-Remit may note that the cut-off time i.e. 9.30 am. is for the amount received at Trustee Bank and accordingly the remittance can be effected from the respective Subscribers’ Bank Account with sufficient margin so that the contributions are received at Trustee Bank before 9.30 AM, to get the benefit of same day’s NAV.

Since the rolling out of D-Remit feature by PFRDA with effect from 1st October 2020, more than 40000 D-Remit Virtual IDs have been created and NPS voluntary contributions of Rs.13 cr. had been deposited using this process. The process is getting momentum and as such on 11th November 2020 contribution of Rs.1.8 cr. was deposited through D-Remit process.

D Remit provides the benefit of same day’s NAV and also the facility of setting up of Auto Debit through Standing Instructions from the Subscribers Savings Bank Account for a defined periodical contribution.