In a bid to further the ease of doing business, increase the use of digital mode and bring down compliance costs, the Pension Fund Regulatory and Development Authority (PFRDA) notified the new simplified Point of Presence (PoP) Regulations. With this notification, banks and non-banks can now act as PoPs to onboard National Pension System (NPS) subscribers, and they will require only a single registration for NPS, instead of multiple registrations earlier. The timeline for disposing of applications has also been reduced from 60 days to 30 days, and banks can operate with just one branch with a wider digital presence.
