Pension regulator makes bank a/c, mobile mandatory for NPS

New Delhi, April 20 : The Pension Fund Regulatory and Development Authority (PFRDA) announced on Friday that it has made bank account details and mobile number compulsory for subscribers of the National Pension Scheme (NPS).

A Finance Ministry release said the pension regulator has also made the Foreign Account Tax Compliance Act (FATCA) and the Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing subscribers, in compliance with the Prevention of Money Laundering Act (PMLA) guidelines.

“It has been decided by the Authority to make bank account details and mobile number mandatory to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle-free,” the statement said.

The requirements have been made mandatory in the new Common Subscriber Registration Form that is required to be filled in by the new subscribers, it added. (IANS)