Bank of India in association with PFRDA launches platform for opening NPS account through mobile phone

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

Pension Fund Regulatory and Development Authority (PFRDA) and Bank of India in association with K-Fintech launched a digital platform for NPS enrollment.

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

Scanning the QR code will open the NPS account opening web page where an applicant will have to enter the Aadhaar number to get the picture and other details from DigiLocker.

PFRDA Chairman Supratim Bandyopadhyay inaugurated the digital platform in the presence of AK Das, MD & CEO, Bank of India and Swarup Dasgupta, Executive Director of the bank.

The digital account opening process is simple, fast and completely paperless, making it easy for customers to open a new account with just a few clicks. In addition, new customers can also make additional contributions through QR codes, the release said.

Watch Zee Business’s live TV streaming below:

Bandyopadhyay said, “I believe that this digital initiative of the Bank will dynamically complement our efforts in realizing our vision of a pensioner society.”

According to Das, the public sector lender’s technical integration with K-Fintech has made the NPS subscription process “easier, faster and hassle-free” and 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 analysis and various other digital services for asset managers in various sectors as well as outsourcing services to global players.

Leave a Comment