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Points of Presence display fee details and settlement times for online National Pension System contributions on their websites and in promotional materials. The Pension Fund Regulatory and Development Authority issues this circular to ensure transparency for subscribers who use online payment gateways and aggregators. This rule applies to all Points of Presence. The requirement takes effect on April 1, 2019.
What you must do
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[Image omitted. See the official document.]
पेंशन निधि विनियामक और विकास प्राधिकरण
बी-14/ए, छत्रपति शिवाजी भवन,
कुतुब संस्थागत क्षेत्र,
कटवारिया सराय, नई दिल्ली-110016.
दूरभाष : 011-26517501, 26517503, 26133730
फैक्स : 011-26517507
वेबसाइट : www.pfrda.org.in
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016.
Ph : 011-26517501, 26517503, 26133730
Fax : 011-26517507
Website : www.pfrda.org.in
Circular No. PFRDA/2019/7/SUP/POP/1
March 11, 2019
To,
All POPs
Dear Sir/Madam,
Subject: Display of information by POPs while processing NPS contributions under online mode
It is observed that Points of Presence are utilizing the services of aggregators/ payment gateways such as SBI ePay, Bill desk, --- etc for their online platforms for on boarding and processing of NPS contributions of subscribers. Various aggregators /payment gateways empaneled by the POPs are charging different fees and also settling the transaction in different time-periods. Such activities come within the regulatory purview of the Reserve Bank of India, However, it is observed that there is no uniformity in fees levied and the settlement time across the aggregators/ payment gateways being used by POPs.
2. With a view to ensure transparency and fairness in the interest of the NPS subscribers who intend to use such platforms, it has been decided that the fees and settlement time for such transactions at the level of the aggregators/ payment gateways and the POPs should be specifically displayed by the POPs on their websites and also mentioned in their promotional literature/ pamphlets on NPS so as to facilitate informed decision making by the subscribers.
3. This will be effective from April 01, 2019.
Yours faithfully,
[Image omitted. See the official document.]
(Ashish Kumar)
Chief General Manager
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