{"id":4694,"date":"2020-10-20T16:24:48","date_gmt":"2020-10-20T16:24:48","guid":{"rendered":"https:\/\/signdesk.com\/in\/?p=4694"},"modified":"2025-09-17T07:07:07","modified_gmt":"2025-09-17T12:37:07","slug":"pfrda-allows-video-kyc-vcip-for-nps-pensions","status":"publish","type":"post","link":"https:\/\/melento.ai\/en-in\/blog\/pfrda-allows-video-kyc-vcip-for-nps-pensions","title":{"rendered":"Pensioners Can Now Open NPS Accounts Using Video KYC"},"content":{"rendered":"

PFRDA allows Video KYC<\/a><\/strong><\/span><\/h2>\n

PFRDA<\/strong><\/a> (Pension Fund Regulatory & Development Authority) has been one of the most proactive regulatory bodies in the adoption of digital methods.\u00a0<\/span><\/p>\n

The organization has permitted OTP and eSign-based Aadhaar authentication<\/a><\/strong> for opening NPS (National Pension System) accounts, offline Aadhaar authentication using XML files or QR codes, e-exist and e-nomination for NPS accounts, and paperless onboarding, to name a few.\u00a0<\/span><\/p>\n

However, NPS subscribers still had to be physically present at certain Points of Presence (PoPs) or nodal offices for In-Person Verification, to avail a handful of NPS services.\u00a0<\/span><\/p>\n

With the recent envisage of a Video-based Identification Process (V-CIP)<\/a><\/strong> for onboarding, exit, or any other services related to NPS, pensioners can expect a completely digital experience and handle their NPS accounts with ease.\u00a0\u00a0<\/span><\/p>\n

The adoption of V-CIP<\/a> will massively benefit the PoPs serving as intermediaries between NPS subscribers and the NPS architecture by reducing the burden of documentation and streamlining NPS services. These PoPs include several major banks, NBFCs, and publicly owned companies such as Reliance Capital Ltd, HDFC Securities Ltd, Kotak Mahindra Bank, Axis Bank, Yes Bank, ICICI Securities Ltd, Bajaj Capital Ltd, SBI, SHCIL, and so forth. Paytm Payments Bank Ltd was also recently granted permission to act as a PoP for NPS services.\u00a0<\/span><\/p>\n

So how can these PoPs conduct V-CIP<\/a><\/strong>?<\/span><\/p>\n

\"PFRDA-Allows-Video-KYC\"<\/p>\n

What do the PFRDA V-CIP<\/a> guidelines say?\u00a0\u00a0<\/strong><\/span><\/h2>\n

V-CIP<\/span><\/a><\/strong> is a video-based process for verifying the KYC of a customer and onboarding them remotely. V-CIP<\/a> consists of – verifying KYC documents online, audio-visual interaction to ensure liveness, face match for identification, and geo-tagging.\u00a0<\/span><\/span><\/p>\n

The <\/span>press release<\/span><\/a><\/strong> announcing V-CIP<\/a> distinguishes two types of V-CIP – one procedure for mobile application-based VCIP<\/a> and another for non-mobile applications.\u00a0<\/span><\/span><\/p>\n

Here are the basic rules and features of V-CIP<\/a><\/strong> for both mobile and non-mobile applications.\u00a0<\/span><\/p>\n

V-CIP<\/a> for mobile applications<\/b><\/span><\/h5>\n