Only one registration for National Pension System is required, notifies PFRDA

The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Point of Presence (PoP) Regulations 2023, requiring only one registration for the National Pension System. PoPs are entities appointed by the Pension Fund Regulatory and Development Authority to provide services to all the citizens of the country to open and operate their NPS accounts.

Union Finance Ministry said, it has simplified the registration process with the objectives



of ease of doing business and greater usage of digital mode. The Ministry said, that with this notification, banks and non-banks can act as PoPs to onboard National Pension System subscribers. 

Now, the subscriber requires only a single registration for NPS, instead of multiple registrations earlier. The timeline for disposing of applications has also been reduced from 60 days to 30 days.