Only one registration needed for National Pension System as new rules kick in

New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) has notified the point of presence (PoP) regulations for introducing a new simplified system of only one registration for the National Pension System instead of multiple registrations required earlier, the Finance Ministry said on Wednesday.

With this notification, banks and non-banks can act as PoPs to on-board NPS subscribers. All operations can now be carried out with just one branch with wider digital presence.

The timeline for disposing of applications has also been reduced from 60 days to 30 days.

The new regulations simplifying the registration process have been introduced with the objectives of ease of doing business and greater usage of digital mode, an official statement said.

The simplification is in line with the announcement in Union Budget 2023-24 to review regulations to reduce the cost of compliance and enhance the ease of doing business.