The go-live and opening of the Central Record Keeping Agency (CRA) under the National Pension System has been announced by Computer Age Management Services Limited (CAMS), India’s largest registrant and transfer agent of mutual funds (a SEBI regulated business). CAMS was chosen as a CRA by the sector regulator, the Pension Fund Regulatory and Development Authority (PFRDA), to broaden the services available to NPS subscribers and the ecosystem.
The National Pension Scheme (NPS), a voluntary retirement scheme created and administered by the Pension Fund Regulatory and Development Authority (PFRDA), was launched by the Central Government on January 1, 2004 to assist in the building of a retirement corpus.
- CAMS NPS platform, as one of the three CRAs, will provide subscriber services based on powerful technology and extensive expertise serving clients for pension account opening, record keeping, and maintenance.
- This will comprise subscriber onboarding with different KYC alternatives, maintenance and account-keeping functions, and record-keeping infrastructures, such as customer engagement systems and interfaces such as web, mobile app, call centre, and so on.
- In the last four years, the growth rate has nearly tripled, and if this trend continues, we can expect 1 million new clients this year.”
- CAMS has over 35 years of experience as India’s leading registrar and mutual fund transfer agency, with a market share of over two-thirds, demonstrating their skills.
- CAMS will increase awareness, they will ensure that the customer’s journey is a smooth one from onboarding to leave.
CAMS CRA will provide services to NPS users from all sectors, including the general public, the government, and the unorganised sector. The platform will also provide services to the authority, the NPS Trust, and all NPS ecosystem intermediaries, such as point-of-presences, nodal offices, trustee banks, pension fund managers, and annuity service providers.