PFRDA organised a Kolkata outreach for Mutual Fund Distributors to boost pension access via the StAR NPS platform. The event highlighted digital onboarding, faster PRAN generation, and stronger distribution networks, with plans to widen coverage through technology-enabled solutions and partnerships with BSE and NPCI.
India
-Oneindia Staff
The Pension Fund Regulatory and Development Authority (PFRDA) organised an outreach programme for Mutual Fund Distributors (MFDs) in Kolkata on Friday to create awareness about the StAR NPS platform and the National Pension System (NPS). The programme brought together mutual fund distributors, industry stakeholders and ecosystem partners to discuss ways to expand pension coverage, strengthen distribution networks and make NPS services more accessible through technology-enabled solutions.
PFRDA Chairperson S. Ramann highlighted the importance of building an inclusive pension ecosystem through technology and trusted distribution networks. He said greater accessibility, simplified onboarding and stronger last-mile outreach would be important for expanding pension coverage.
PFRDA organised a Kolkata outreach for Mutual Fund Distributors to boost pension access via the StAR NPS platform. The event highlighted digital onboarding, faster PRAN generation, and stronger distribution networks, with plans to widen coverage through technology-enabled solutions and partnerships with BSE and NPCI.
Ramann said PFRDA aims to significantly increase the number of non-government NPS subscribers over the next five years. He also highlighted digital initiatives such as StAR NPS, developed in partnership with BSE, and Tatkal NPS with NPCI.
According to Ramann, PFRDA has also increased distributor commissions and introduced a continuous licensing mechanism for pension funds. He cited the performance of conservative NPS schemes and the scale achieved by the Atal Pension Yojana through bank and Regional Rural Bank networks as examples of the potential for wider pension adoption.
BSE highlights simplified digital onboarding
Ashutosh Singh, MD & CEO, BSE Index Services Pvt. Ltd., said retirement planning should begin at an early age and that mutual fund distributors could play a larger role in providing retirement planning services.
He highlighted the technology-driven approach behind StAR NPS, including simplified client and agent onboarding and easier scheme selection. He also discussed improvements made to BSE’s mutual fund platform and said similar principles had been incorporated into StAR NPS. The event also included a live demonstration of the StAR NPS platform, with participants invited to provide feedback on the system and its user experience.
StAR NPS offers digital onboarding and instant PRAN generation
The StAR NPS platform provides a fully digital onboarding process using electronic data capture, CKYC and DigiLocker-based verification. It also facilitates direct remittance of subscriber contributions to the Trustee Bank and integration with Central Recordkeeping Agencies (CRAs) for instant generation of the Permanent Retirement Account Number (PRAN).
According to PFRDA, the direct settlement mechanism eliminates fund pooling and manual reconciliation at the Point of Presence (PoP) level. This is aimed at improving operational efficiency while enhancing transparency, security and the overall subscriber experience.
Mutual fund distributors encouraged to become pension agents
The outreach programme featured presentations on NPS and the StAR NPS platform, followed by a dedicated session on the role of Mutual Fund Distributors as Pension Agents.
Certificates were also distributed to MFDs who had been onboarded as Pension Agents in recognition of their participation in efforts to expand the reach of NPS. An interactive Open House session was also organised, allowing participants to discuss various aspects of the pension ecosystem with PFRDA officials and industry experts.
PFRDA reiterates focus on wider pension coverage
PFRDA said it will continue working with Points of Presence, Mutual Fund Distributors and other stakeholders to increase pension awareness and expand retirement coverage.
The authority also plans to conduct similar outreach programmes across the country, with a focus on improving access to pension services through technology-enabled initiatives and supporting the broader objective of building a financially secure and pension-inclusive society.
