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The Pension Fund Regulatory and Development Authority (PFRDA) notified the Point of Presence (PoP) Regulations 2023, simplifying the registration process with the objectives of ease of doing business and greater usage of digital mode.
With this notification, banks and non-banks can act as PoPs to on-board NPS subscribers. Now, they require only single Registration for NPS, instead of multiple registrations earlier, and can operate with just one branch with wider digital presence. The timeline for disposing off applications has been reduced from 60 days to 30 days.
The above simplification is in line with Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.
https://www.pfrda.org.in//MyAuth/Admin/showimg.cshtml?ID=2861
Single registration for NPS PoPs streamlines onboarding and accelerates application processing while expanding digital branch operations. Point of Presence Regulations 2023 create a consolidated registration regime for National Pension System onboarding: banks and non-banks may act as PoPs under a single Registration, operate with one branch supported by broader digital presence, and benefit from a reduced application disposal timeline to accelerate subscriber onboarding and lower compliance burdens.Press 'Enter' after typing page number.