NPS New Rules 1 April 2024: New rules regarding NPS will be applicable from 1 April 2024. PFRDA has changed the rules related to NPS. Government has made two-factor authentication mandatory to make NPS more secure than before.
NPS New Rules 1 April 2024: New rules regarding NPS will be applicable from 1 April 2024. PFRDA has changed the rules related to NPS. The government has made two-factor authentication mandatory to make NPS more secure than before. Now these new rules for logging into CRA will be applicable from April 1. National Pension System helps in retirement planning. PFRDA regulates this. Let us know whether NPS investors will benefit or suffer loss from the new rule.
What is two-factor authentication?
From April 1, NPS users will have to log in through Aadhaar to access CRA. For this, the existing ID of the subscribers will be integrated with the log-in process. PFRDA believes that this is a step taken towards making the login process system secure. This will reduce unauthorized access to the NPS framework and reduce security risks.
Now login using password
Before the launch of the new system, the Central Record Keeping Agencies (CRAs) will inform the government nodal offices about the detailed standard operating procedure (SOP) and process flow. There will be a massive effort to explain this change to the nodal officers. According to the PFRDA circular, currently nodal offices under the central and state governments use password-based log-in for NPS transactions.
Account will be locked due to wrong password 5 times
PFRDA believes that with log-in authentication through Aadhaar, all NPS activities carried out by government offices and autonomous bodies will be done in a secure environment. If the user enters the wrong password five times continuously, his account will be locked. Then to access the account the user will have to reset his password. For this he will either have to request for I-PIN or answer a secret question.
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