The Pension Fund Regulatory and Development Authority (PFRDA) has issued Circular no: PFRDA/2024/10/SUP-CRA/04 dated May 3, 2024, addressed to all the stakeholders of the Atal Pension Yojana (APY). Here are the key points of the circular:
1. Background: The circular begins by providing background information on the APY, which was introduced by the Government of India from June 1, 2015, with the aim of ensuring regular pension income for citizens from the unorganized sector.
2. Central Recordkeeping Agency (CRA): Under the National Pension System (NPS) architecture, CRAs are responsible for centralized recordkeeping, administration, and customer service functions for subscribers. Currently, only Protean eGov Technologies Ltd. offers APY-related services among the three registered CRAs, which also include Computer Age Management Services Ltd. (CAMS) and KFin Technologies Ltd.
3. Choice of CRA: To promote competition and ensure a level playing field, PoPs (Point of Presence) registered with the PFRDA are now allowed to choose a CRA of their choice for servicing APY subscribers. PoPs can also opt for multiple CRAs. The circular provides details of the charges by each CRA for APY-related services.
4. Optional Choice: The choice of CRA for PoPs is optional, and APY subscribers can also opt to choose a CRA from those available with their PoP. Portability for choosing a CRA within the subscriber’s PoP is allowed for both existing and new APY subscribers.
5. Responsibilities: PoPs and CRAs are responsible for all data, including timely Management Information System (MIS) sharing with stakeholders. They are also required to host information about charges and other relevant details for APY subscribers on their respective websites.
The circular is signed by K. Mohan Gandhi, Chief General Manager. Additionally, the annexure provides contact details for each of the three CRAs for coordination purposes. This circular aims to enhance flexibility and transparency in the APY system while ensuring efficient service delivery to subscribers.
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Pension Fund Regulatory and Development Authority
Circular no: PFRDA/2024/10/SUP-CRA/04 Dated: May 3, 2024
To,
All the APY stakeholders
Subject: Extending APY to all CRAs
The Government of India (GoI) had introduced APY, with effect from 1st June, 2015, pursuant to the announcement in the budget for 2015-16 for the purpose of building a Pensioned Society where the old age income of every Indian Citizen from unorganized sector is secured with regular stream of monthly income. APY is administered by the PFRDA through its scalable NPS technology architecture as per the policy guidelines of GoI.
2. Under the NPS architecture, Central Recordkeeping Agency (CRA) is responsible for the centralized recordkeeping, administration and customer service functions for all the subscribers under the NPS & APY and acts as operational interface for all intermediaries. Out of the three registered CRAs, currently only Protean eGov Technologies Ltd. offers APY related services. The other two registered CRAs are mentioned below:
1. Computer Age Management Services Ltd. (CAMS)
2. KFin Technologies Ltd.
3. In order to bring in competition and allowing a level playing field to the CRAs registered with PFRDA, it has been decided to allow the Point of Presence (PoP) registered with the Authority to choose a CRA of their choice including option of having multiple CRAs for servicing the APY subscribers. The charges by CRAs for APY related services are mentioned below.
|
Charge Head |
Protean CRA | Kfintech CRA | CAMS CRA |
| PRA Opening (One Time) | Rs.15/- | Rs.15/- | Rs.15/- |
| PRA Maintenance (Per Annum) | Rs.20/- | Rs.14.40/- | Rs.16.25/- |
| Per Transaction (Financial/Non-Financial) | NIL | NIL | NIL |
4. The said choice of CRA to the PoP shall be optional. Also, a APY subscriber can opt for choosing a CRA from the CRAs available with the PoP. Further, portability for choosing a CRA within the subscriber’s PoP is allowed for both existing as well as new APY subscribers. The contact details of CRAs are mentioned at Annexure for better coordination.
5. The PoPs and CRAs shall be responsible for all data including timely MIS sharing with the concerned stakeholders. To facilitate informed decision, PoPs and CRAs shall host information pertaining to the charges applicable and all other relevant information to APY subscribers on their respective websites.
Digitally signed by K
MOHAN GANDHI
Chief General Manager
Annexure
Contact details of CRAs:
|
No. |
Name of the CRA | Contact details |
| 1 | Computer Age Management Services Ltd. | Mr. Rahul Goyal rahul.goyal@camsonline.com Mob: 7305991961 |
| 2 | KFin Technologies Ltd. | Mr. Siddharth Gautam siddharth.gautam@kfintech.com Mob: 9820670972 |
| 3 | Protean eGov Technologies Ltd. | Mr. Vinayak Patil Vinayakp@proteantech.in Mob: 9819826674 |
