In a bid to enhance the security of the National Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) has announced the introduction of a two-factor authentication system for accessing the Central Recordkeeping Agency (CRA).
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This security upgrade aims to safeguard the interests of subscribers and stakeholders within the NPS ecosystem.
New login mechanism and implementation for NPS accounts
Starting April 1, 2024, users will be required to undergo Aadhaar-based login authentication, which will be integrated with the existing user ID and password-based login process.
PFRDA emphasised that this new login process is an ongoing development and seeks to address concerns related to unauthorised access and potential security threats within the NPS framework.
Transition process
To ensure a smooth transition, Central Recordkeeping Agencies (CRAs) will provide detailed standard operating procedures (SOP) and process flows to government Nodal Offices.
Extensive engagement with Nodal Officers will be conducted to familiarise them with the changes.
Why the change in the existing NPS CRA system?
According to the PFRDA circular, Nodal Offices under Central and State Governments, along with their associated Autonomous Bodies, currently use a password-based login for NPS transactions.
The upgrade is a proactive step to fortify the overall authentication and login framework.
PFRDA envisions the integration of Aadhaar-based login authentication as a means to create a secure environment for all NPS activities conducted by Government Offices and Autonomous Bodies.
Recovery process for NPS account after entering wrong password
In cases where a user enters an incorrect password five times consecutively, their account will be locked.
To recover access, users have the option to reset their password by answering a secret question or submitting a request for an I-Pin.
First Published: Feb 23, 2024 4:02 PM IST
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