New Pension Rule: PFRDA said that this process has been started to prevent any risks or dangers. Along with this, its aim is to try to remove the concerns related to this.
New Pension Rule: To further improve the security of the National Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) has made a major change. PFRDA has started two factor authentication process for access to the Central Record Keeping Agency. This will be implemented for all customers from April 1. This means that new people and old customers coming under NPS will have to go through a two-factor authentication process.
No one will be allowed to login to NPS without two factor authentication. The regulatory authority said that after this new step, users will now have to go through the process of Aadhaar based login authentication from April 1, 2024. PFRDA said that this process has been started to prevent any risks or dangers. Along with this, its aim is to try to remove the concerns related to this.
How to log in now?
According to PFRDA, nodal offices under the central and state governments, along with pension-related autonomous bodies, currently use password-based login for NPS transactions. Strengthening the authentication and login system with this new upgrade is a better step. This will help in protection from fraud and cyber attacks.
Why was this rule needed?
PFRDA intends to introduce a secure website and login system for all NPS activities conducted through government offices and autonomous bodies. For this, integration of Aadhaar-based login authentication has been envisioned. If a user enters the wrong password five times continuously, then keeping the security in mind, the NPS account will be immediately blocked. After blocking, the password will have to be reset to recover the NPS account. For this the user will have to answer secret questions or apply for I-PIN.
It is noteworthy that the Central Recordkeeping Agencies (CRAs) are continuously working to ensure smooth transition in this system. Changes in this system are going on through the SOP of the government nodal office. There will be collaboration with nodal officers to make common users aware of the changes that will come after this process.
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