In a proactive move to improve security within the National Pension System (NPS) network, the Pension Fund Regulatory and Development Authority (PFRDA) will introduce a new two-factor authentication system for logging into the Central Recordkeeping Agency (CRA). This initiative, scheduled to be implemented on April 1, 2024, aims to strengthen user protection and protect the interests of subscribers and stakeholders.
“The amendments to the NPS Trust Regulations simplify the provisions relating to the appointment of trustees, their terms and conditions, holding of meetings of the Board of Trustees and the appointment of the CEO – NPS Trust,” the government says.
According to a circular dated February 20, 2024, the PFRDA requested integration of Aadhaar-based authentication as an additional layer of security to access the CRA system. As the regulator of the NPS, a voluntary defined contribution pension scheme established by the central government, the PFRDA considers this as a strategic measure to provide a safe environment for all NPS-related activities carried out by government departments and autonomous bodies.
PFRDA explained its plan to distribute a detailed standard operating procedure (SOP) and process flow to the nodal agencies of the government. “Full collaboration with nodal leaders is on the agenda to ensure a seamless transition and awareness of the changes among stakeholders.”
The circular also advised all government offices and autonomous bodies to prepare for implementation of Aadhaar-based enrollment and authentication within the CRA system.
Important changes to NPS CRAs:1. New Login System: The PFRDA circular announced the integration of Aadhaar based login authentication in the existing user ID and password based login process, thereby introducing two-factor authentication for access to the NPS Central Record-keeping Agency (CRA) system. 2. Authentication Improvement: Aadhaar-based login authentication complements the current user ID and password-based login process and improves the accessibility of the CRA system through two-factor authentication.
3. Upcoming Standard Operating Procedure: While the PFRDA has not provided specific details on the standard operating procedure, it said that all rating agencies will submit a comprehensive SOP along with the process flow to the nodal agencies of the government. This procedural guide will be explained to nodal officials to facilitate a smooth transition.
