PFRDA reduces timelines for withdrawal of varied transactions underneath NPS

The intermediaries of Pension Fund Regulatory and Development Authority (PFRDA) — Central Recordkeeping Agencies (CRAs), Pension Funds (PFs) and Custodian — have improved the system interface and enhanced their IT capabilities to cut back the timelines of varied transactions underneath NPS to offer a greater subscriber expertise to fulfil their evolving wants.

The withdrawal requests of subscribers will now be lowered from T+4 to T+2 days. The regulator PFRDA, stated, “The withdrawal requests of subscribers on the time of exit have been hitherto executed on T+4 working/settlement days (T being the day of authorization of withdrawal request by Nodal workplace/PoP/Subscriber) and the timeline has been lowered to T+2.”

The lowered timelines of ultimate exit from NPS, which might profit the subscribers related to the respective CRAs are offered under:

Subscribers related to Protean eGov Technologies CRA, for them any request should licensed as much as 10:30 AM will likely be settled on T+2 foundation. Subscribers related to KFin Technologies Ltd & CAMS CRAs, for them any requests licensed as much as 11 AM will likely be settled on T+2 foundation, stated the regulator.

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