CAMS launches central record keeping agency under NPS

Mumbai: Computer Age Management Services Ltd (CAMS), India's largest registrar and transfer agent of mutual funds (a Sebi regulated entity) announced the go live and launch of central record keeping agency (CRA) under the national pension system (NPS).

Supratim Bandyopadhyay Chairman, PFRDA and Anuj Kumar, MD, CAMS, were present at the launch announcement. Sector regulator Pension Fund Regulatory and Development Authority (PFRDA) appointed CAMS as a CRA to broad-base the services to NPS subscribers and the ecosystem. CAMS NPS platform is designed to build subscriber confidence and convenience by leveraging new generation technologies and applications to elevate the service standards and experience of users.

NPS, a voluntary retirement scheme, designed and regulated by PFRDA was launched on January 1, 2004, by the Central government to help build a retirement corpus. Since then, NPS has emerged as a preferred investment option for employers, employees, and the self-employed alike.

As one of the three CRAs, CAMS NPS platform will provide superior subscriber services leveraging robust technology and deep experience in serving customers for pension account opening, record keeping and maintenance services. This will include subscriber onboarding with multiple KYC options, maintenance and account keeping functions and provide infrastructure for record keeping including customer interaction systems and interfaces like web, mobile app, call centre, etc.

Launching the CAMS CRA platform, Supratim Bandyopadhyay said: "A large number of our workforce is in the unorganized sector and needs retirement solutions. Having followed the pension segment for the last 7 to 8 years, I have seen awareness on the pension scheme and its utilities amongst Indians going up. We have witnessed a 45 per cent increase in the onboarding of customers to NPS from the corporate and retail segment."