Pension regulator defers online version of NPS
October 5, 2015
The Pension Fund Regulatory and Development Authority (PFRDA) has deferred the launch of the online version of the National Pension System (NPS) in the wake of the recent Supreme Court order on Aadhaar card, Chairman Hemant Contractor has said. The online version of NPS was eagerly awaited, as it could have made the product popular among the Indian public, further bringing down transaction costs. In view of the Supreme Court order — which prohibits the Unique Identification Authority of India (UIDAI) from sharing subscriber information with third parties, PFRDA is now exploring a non-Aadhaar based mechanism for meeting the know-your-customer (KYC) requirement, Contractor told BusinessLine on the sidelines of a financial inclusion summit, organised by Confederation of Indian Industry (CII)