NPS accounts to become more secure; PFRDA introduces new two-factor authentication It is stated that this new security system would be live by April 1, 2024 and is currently under development
The Pension Fund Regulatory and Development Authority (PFRDA) has enhanced the security of the National Pension System (NPS) under the government sector by introducing two-factor authentication for logging in to the CRA system. In a circular dated February 20, 2024, PFRDA said, "To enhance the security measures in accessing the CRA system and safeguard the interests of subscribers and stakeholders, it has been decided to bring in additional security features through Aadhaar-based authentication for login to the CRA system."PFRDA in the circular said that this new login process is an ongoing development and is anticipated to go live on April 1, 2024.
Also read: NPS partial withdrawal rule changes from February 2024.
What will be the new login mechanism now for NPS CRAs?
As per the circular, an Aadhaar-based login authentication will be integrated with the current user ID and password-based login process to make the NPS central record-keeping agency or CRA system accessible through two-factor authentication.
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Why is the existing NPS CRA system being changed?
According to the PFRDA circular, "The Nodal Offices under Central and State Governments including their associated Autonomous Bodies currently utilize a password-based login to access the Central Recordkeeping Agency (CRA) for NPS transactions." PFRDA also mentioned in the circular that the existing system is being enhanced to create a secure environment for the NPS ecosystem. "The integration of Aadhaar-based login authentication is a proactive step to fortify the overall authentication and login framework. This initiative is designed to create a secure environment for all NPS activities carried out by Government Offices and Autonomous Bodies," said PFRDA in the circular.
PFRDA also said in the circular that all CRAs will come out with a detailed standard operating procedure (SOP) along with the process flow to Government Nodal Offices and engage extensively with Nodal Officers to make them aware of the changes thereby ensuring a seamless transition. All offices under the Government Sector and Autonomous Bodies are advised to note the same and put in place the necessary framework for implementation of the additional feature of Aadhaar-based login and authentication in the CRA system to perform all NPS-related activities.
When would access to NPS CRA be denied?
According to the NSDL NPS CRA website (https://www.cra-nsdl.com/Static/html/help-ipin-dsc.html) as of February 21, 2024 access to CRA may be denied due to the following reasons:Incorrect user ID,Incorrect password"As a safety measure to prevent unauthorised access, the account will be locked if the user enters an incorrect password for five consecutive attempts. The user will have the option to reset the password by answering the secret question even after the account is locked. In case the user is not able to remember the answer to the secret question and is unsuccessful in resetting the password, the user shall have to submit a request for reissue of I-Pin."
This story originally appeared on: India Times - Author:Faqs of Insurances
