NPS-- PFRDA NEW Update News

PFRDA – Online Subscriber Registration and contribution under NPS using eNPS platform 

In light of Prime Minister’s “Digital India” campaign on promoting e-governance for providing last mile connectivity through extensive use of ICT (Information and Communications Technology) platforms, Pension Fund Regulatory and Development Authority (PFRDA) has been pursuing the development and operationalization of online transaction facilities for the prospective as well as existing subscribers of NPS. 

PFRDA introduced eNPS online portal whereby PAN (Permanent Account Number) and savings bank account of new subscribers to NPS who are already customers of the banks are accepted as KYC with active participation of the banks acting as POPs for opening of accounts under NPS. 

PFRDA has received feedback from prospective subscribers and other stakeholders that those who voluntarily seek to use Aadhaar as their document of identity for availing of the eNPS online platform to join NPS should not be deprived of this eNPS facility. 

As the identity and address for such account holders is established through e-KYC facility with the express consent of the subscriber through One Time Password (OTP) and as Aadhaar is a unique number, its use as a KYC document rules out the possibility of opening duplicate retirement (PRAN) accounts. PFRDA has accordingly revisited the issue and believes that enabling eAadhaar in addition to PAN and bank account based KYC for the eNPS platform can reduce the cost and time of operation and ensure wider coverage to the citizens of India under the old age income security schemes and thus help in fulfilling the mandate given to it under the provisions of the PFRDA Act, 2013. 

PFRDA has accordingly modified the eNPS functionality to accept PAN and bank account or eAadhaar as the KYC document for online registration of subscribers under NPS. With the operationalization of this modified eNPS platform, the subscriber will now have the following options for opening of account: 

• Opening of account through any of the Points-of- Presence- Service Provider (POP-SP). 

• Opening of account online using PAN and net banking of the selected bank. In this case KYC verification is done by the Bank. The PRAN gets activated only after KYC verification by bank. 

• Opening of account online using Aadhaar No. and OTP received from UIDAI. In this case, the subscriber can instantly get their PRAN generated and can contribute. 

The eNPS platform using Aadhaar based KYC verification is one of the options for any prospective subscriber to join NPS and it is optional and purely voluntary on the part of the prospective subscriber. 

To register under NPS through eNPS using Aadhaar, the prospective subscriber needs to have Aadhaar Number/Card with access to the mobile number registered with Aadhaar. 

With the use of this Aadhaar based KYC verification, the subscriber would be able to open his NPS account online. The Prospective subscriber will require to follow the undernoted process for opening of NPS account: 

• The prospective subscriber will go to eNPS platform hosted on NPS Trust website www.npstrust.org.in and enter Aadhaar and validate the same using OTP (Sent on the mobile number registered with Aadhaar). 

• Then he will be required to fill up the mandatory details like choice of Pension Fund, Investment Scheme, nominations etc. 

• Address and Date of Birth details will be auto-populated from details available with Aadhaar. 

• He will be required to provide a mobile number and email ID (Mandatory requirement). 

• He will be required to Scan and upload the signature. Subscriber may also upload a scanned photograph, in case he/she wishes to replace the photo obtained from Aadhaar, if the Aadhaar photo is blurred or hazy. 

• He will be required to make online payment (Minimum amount of Rs 500/-).

• After completion of this process, the PRAN will be generated instantly. 

Subscriber will be required to print the form, paste photograph, affix signature and submit the physical form to CRA within a specified period of time while continuing contributing online. 

A prospective subscriber can visit NPS Trust website www.npstrust.org.in and select NPS Online menu to register and contribute to NPS. 

The complete information about eNPS is available on PFRDA website www.pfrda.org.in and also on NPS Trust website www.npstrust.org.in . 

Through this facility, it is expected that the subscriber will have multiple advantages like seamless onboarding experience where he need not visit a Point of Presence and can register from anywhere through an internet connection, contribution with minimum cost of transaction and reduction in errors resulting from various manual activities. 

PIB

Freedom 251 new android phone launched

e Ringing Bells Freedom 251 runs on Android 5.1, with a 4-inch display, a quad-core 1.3GHz processor, 1GB of RAM, and 8GB of storage (expandable to 32GB).

Freedom 251 Smartphone Officially Launched : First Look

At an event presided by BJP MP Dr. Murli Manohar Joshi in New Delhi on Wednesday evening, India’s Rs. 251 smartphone the Ringing Bell Freedom 251 was officially launched. The themes of Digital India, Skill India, and Make in India were given a lot of importance at the launch event, as the potential use cases of the phone to empower citizens in rural and semi-urban areas were highlighted.

The company did not share too many details, but stated the although the chipset will be imported from Taiwan at present, the rest of Freedom 251 would be made in India; the goal is to make up to 75 percent of the hardware in India by the end of one year, and to raise this to 100 percent over time, said Ringing Bells President Ashok Chadha. To accomplish this, the company is looking at investing in two manufacturing plants – in Noida and Uttaranchal – immediately as a pilot project at an estimated cost of Rs. 500 crore, with a targeted capacity of 5 lakh units each per month, with a goal of having five manufacturing centres in total over time, Chadha added.

He also confirmed that there is no government subsidy for the phone, and nor is there any involvement from the government, beyond a long time friendship with MP Murli Manohar Joshi, who provided “vision and guidance” for the Freedom 251 project.

The eventual goal, according to the company, is to sell over 1 crore units per month. At the launch, Chadha also confirmed that if the number of orders crosses 2.5 lakhs, the company will have to stop taking further orders.

The Ringing Bells Freedom 251 runs on Android 5.1, with a 4-inch display, a quad-core 1.3GHz processor, 1GB of RAM, and 8GB of storage (expandable to 32GB). The phone, which can be booked online until Saturday, is priced at an amazingly low Rs. 251, but you may have to wait a few months to actually get the phone, as units may be delivered as late as June 30.

Speaking at the launch, MP Murli Manohar Joshi praised the phone, and talked about the importance, not just of increased digital penetration in India, but also of making products in India. “Unless India innovates and makes something new, it cannot progress,” he said. “Because if technology is expensive then it’s useless. You need technology for everyone, for fishermen and farmers and students. But technology that is cheap should also still be useable, cheap by itself is not enough.”

“The bill of materials [cost of the parts] for a phone like this is around Rs. 2,000 – by making in India we take away around Rs. 400 from that; by selling online we cut overheads and save another Rs. 400,” explained Chadha. “And as the numbers go up, we’re not talking lakhs but much more, we save another Rs. 400 from economies of scale. And then, our platform becomes big, and attractive to others, so we can then highlight products that are worth buying for our customers, and this is another source of income. We will pass all of this on to the customers, we want to make only a small profit per unit.”

This was a point Chadha repeated more than once, but although the points about making in India and economies of scale from increased manufacturing make sense, assuming a Rs. 400-500 saving through online sales seems a bit odd – while that is a saving on the total costs involved in selling phones, it doesn’t cut into the bill of materials, which is the cost of the components of the phone, and won’t be affected whether the phone is sold online or offline.

“This is just the first step, and over time we will introduce more handsets, at different price points as well. And in a year or two we want to launch a Bell SIM card which will also have some unique features,” added Mohit Goel, Director, Ringing Bells.

It’s an interesting idea, though an untried one; and as of now, all the company really has is a prototype put together from off-the-shelf parts. Although selling a phone at Rs. 251 is a huge accomplishment that could make a real impact in India, there are still some concerns about this phone, most particularly the lack of BIS certification. The company did not respond to a question about BIS certification, and only said that the phone being shown presently is merely a prototype. Licensing and certification can be major hurdles though, and could well throw a spanner in the works when it comes to the plans the company has shared th

Read More:- www.Freedom251.com
Read More :- www.cgepn.in