In a bid to make the NPS network more secured for the users, pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has launched two-factor authentication for logging in to the CRA system. CRA (Central Recordkeeping Agency) system is a web-based application developed by CRA for carrying out NPS-related activities. The new login process is scheduled to go live on April 1, 2024.
Read More: A Good CIBIL Score Can Get You Cheaper Home Loan; Check Details
In a circular on February 20, 2024, PFRDA said: “To enhance the security measures in accessing the CRA system and safeguard the interests of subscribers and stakeholders, it has been decided to bring in additional security features through Aadhaar-based authentication for login to the CRA system.”
PFRDA regulates the NPS which is a voluntary defined contribution pension system, created by the Central government.
“The integration of Aadhaar-based login authentication is a proactive step to fortify the overall authentication and login framework. This initiative is designed to create a secure environment for all NPS activities carried out by Government Offices and Autonomous Bodies,” PFRDA said in the circular.
It further said that CRAs will disseminate a detailed Standard Operating Procedure (SOP) along with the process flow to Government Nodal Offices and engage extensively with Nodal Officers to make them aware of the changes thereby ensuring a seamless transition.
Read More: Post Office Investment Schemes in India: 6 Popular Options
“All offices under Government Sector and Autonomous Bodies are advised to note the same and put in place the necessary framework for implementation of the additional feature of Aadhaar-based login and authentication in CRA system to perform all NPS-related activities,” the circular read.
Note the changes in the NPS CRAs
1. New login system
The PFRDA circular stated that an Aadhaar-based login authentication will be integrated with the current user ID and password-based login process to make the NPS central record-keeping agency or CRA system accessible through two-factor authentication.
2. What has been changed?
The Aadhaar-based login authentication will be integrated with the current user id and password-based login process so as to make the CRA system accessible through 2 Factor Authentication.
Read More: PFRDA Notifies Simplified Rules For Pension Funds, NPS Trust
3. Standard operating procedure
PFRDA hasn’t mentioned the standard operating procedure as of now. It has said all CRAs will come out with a detailed standard operating procedure (SOP) along with the process flow to Government Nodal Offices.
The procedure will explained to Nodal Officers to make them aware of the changes thereby ensuring a seamless transition going forward.
