In a proactive move to enhance security within the National Pension System (NPS) network, the Pension Fund Regulatory and Development Authority (PFRDA) is set to roll out a new two-factor authentication system for logging into Central Recordkeeping Agency (CRA). This initiative, scheduled to be implemented on April 1, 2024, aims to fortify user protection and safeguard the interests of subscribers and stakeholders.

According to a circular issued on February 20, 2024, the PFRDA has called for integration of Aadhaar-based authentication as an additional layer of security for accessing the CRA system. As the regulatory body overseeing the NPS – a voluntary defined contribution pension system established by the Central government – the PFRDA views this as a strategic measure to create a secure environment for all NPS-related activities conducted by government offices and autonomous bodies.

The PFRDA has outlined its plan to disseminate a detailed standard operating procedure (SOP) and process flow to government nodal offices. “Extensive engagement with nodal officers is on the agenda to ensure a seamless transition and awareness of the changes among stakeholders,” pension fund regulator has said.

The circular has also advised all government sector offices and autonomous bodies to prepare for the implementation of Aadhaar-based login and authentication within the CRA system.