The Pension Fund Regulatory and Development Authority (PFRDA) notified the Point of Presence (PoP) Regulations 2023, simplifying the registration process with the objectives of ease of doing business and greater usage of digital mode.
- With this notification, banks and non-banks can act as PoPs to on-board NPS subscribers.
- The Point of Presence (PoPs) are entities appointed by the Pension Fund Regulatory and Development Authority (PFRDA) to provide services to all the citizens of India to open and operate their NPS accounts.
- PoPs can typically be entities such as banks, non-banking financial institutions, pension fund managers, and brokerage firms that provide their services to investors for a small charge.
- They perform functions through their network of branches called POP Service Providers (POP-SPs).
- Their tasks encompass verification of subscriber registration forms, know your customers (KYC) documents.
- They are also involved in the processing of the initial contribution at the time of registration and the regular contributions thereafter.
