Undertaking of Point of Presence (PoP) Services under Pension Fund Regulatory and Development Authority (PFRDA) for expanding network of National Pension System (NPS) - ଆରବିଆଇ - Reserve Bank of India
Undertaking of Point of Presence (PoP) Services under Pension Fund Regulatory and Development Authority (PFRDA) for expanding network of National Pension System (NPS)
RBI/2013-14/661 June 26, 2014 The Chief Executive Officers Madam / Dear Sir, Undertaking of Point of Presence (PoP) Services under Pension Fund Regulatory and Development Authority (PFRDA) for expanding network of National Pension System (NPS) We have been receiving requests from UCBs to allow them to undertake the activity of providing Point of Presence (PoP) Services for National Pension System (NPS) regulated by Pension Fund Regulatory and Development Authority (PFRDA). 2. Considering the responsibilities and risks associated with the activity, it has been decided to permit only Scheduled UCBs which are Financially Sound and Well Managed as defined in our circular UBD.CO.LS.(PCB). Cir.No.24/07.01.000/2013-14 dated October 1, 2013 which satisfy following eligibility criteria to undertake, with prior approval of the Reserve Bank, ‘PoP’ Services under National Pension System.
3. UCB acting as ‘PoP’ should however, exercise due care, as any act of commission (like misappropriation of subscription received) or omission (to remit in time the subscriptions received) on the part of the UCB acting as agent and failure to comply with the provisions of the PFRDA Act, 2013 would entail imposition of penalty by PFRDA. UCBs acting as PoP may therefore ensure compliance of all the instructions issued by PFRDA from time to time. 4. UCBs fulfilling the criteria prescribed in para (2) and desirous of undertaking activity of providing PoP Services may approach Reserve Bank of India in this regard. Yours faithfully, (Suma Varma) |