Bank of India with PFRDA launches platform for opening NPS account via mobile phone

Bank of India along with pension fund regulator PFRDA on Friday launched a digital platform which will allow customers to open NPS accounts using mobile phones.

The Pension Fund Regulatory and Development Authority (PFRDA) and Bank of India launched the digital platform for NPS enrolment in association with K-fintech.

Customers can now open NPS (National Pension System) account in a hassle-free and paperless manner by scanning a QR code, said in a joint release by PFRDA and Bank of India.

Scanning of QR code will lead to NPS account opening web page wherein an applicant will have to fill in the Aadhaar number to fetch picture and other details from DigiLocker.

PFRDA chairman Supratim Bandhyopadhyay inaugurated the digital platform in presence of A K Das, MD & CEO, Bank of India, and Swarup Dasgupta, executive director of the bank.

The digital process of account opening is simple, fast and completely paperless, making it easier for the customers to open the new account in just a few clicks. Further, new subscribers can also make additional contributions through QR code, the release said.

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"I believe that this digital initiative by the bank will complement our efforts in a dynamic way in realising our vision of a pensioned society," Bandyopadhyay said.

According to Das, the public sector lender's technological integration with K-fintech has made the NPS subscription process "easy, fast and hassle-free" and it will act as an impetus to further the growth of NPS.

K-fintech provides SaaS (Software as a Service) based end-to-end transaction management, channel management, and compliance solutions. It also provides data analytics and various other digital services to asset managers across segments as well as outsourcing services for global players.