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Functions of Aggregator

The Aggregator shall undertake following functions through their NLOO/NLAO/NLCCs:

A. Compliance:

The aggregator must ensure maintenance and reporting of all transactions by subscribers in accordance with the provisions of Prevention of Money Laundering Act, 2002 including amendments thereof and the rules framed there under from time to time, as may be applicable.

Servicing of Subscribers

NPS-Lite system is envisaged to maintain subscribers details enrolled under NPS-Lite/Swavalamban at the time of contribution processing. Aggregator is provide following services to the NPS-Lite subscribers:

  1. Aggregator shall carry out changes in subscriber details if the subscriber has made a request by way of submitting the subscribers details change request form, as prescribed by PFRDA, for all change as mentioned below to be effected in the NPS-Lite system on T+5 basis, where T is the date of receipt of the request:
    • Name Update: Prescribed supporting documents to be submitted, plus copy of PRAN card.
    • Address Update: Appropriate supporting documents to be submitted and a copy of the PRAN card.
    • Phone/mobiles numbers/email ID Update: No additional documents required.
    • Subscriber’s bank details update: Necessary supporting documents to be submitted along with copy of PRAN card. In case of bank details, Aggregator shall ensure that the bank details provided by the Subscriber are complete and the details of which (bank name and bank account number) should match with the bank details provided in the form.
    • Change in the nomination details: Copy of PRAN card.
    • Switch/Scheme preference change request of subscriber.
  2. Aggregator shall receive the withdrawal requests from the subscriber submit the same by logging into the NPS Lite on T+5 basis, where T is the date of receipt of the request.
  3. Aggregator shall attend the subscriber’s request for re-issuance of PRAN card on T+5 basis, where T is the date of receipt of the request.

C. Processing of subscriber’s contribution

  1. Acceptance of contribution: The Aggregator issue receipt (preferably electronic receipt) to the NPS-Lite/Swavalamban subscriber with appropriate acknowledgement number after collection of contributions.
  2. Deposit of contribution amount: The Aggregator shall deposit the contribution collected from the subscriber (cash/cheque) by the collection centre into the collection account maintained by them on T+1 basis. (T is the date of collection of money from the subscriber by the Aggregator)
  3. Upload of SCF: The Aggregator shall prepare and upload SCF into CRA system after receiving the clear funds on or before T+2, where T is the date of receipt of clear funds by Aggregator.
  4. Remittance to Trustee Bank: The Aggregator shall remit the funds to NPS Trust account maintained with Trustee Bank on T+2, where T is the date of receipt of clear funds by Aggregator.

D. Redressal of grievances:

  1. Aggregator should constitute an appropriate Grievance Redressal Mechanism with reference to PFRDA (Redressal of subscriber grievance) Regulations, 2015 internally for redressing complaints about the services rendered to NPS-Lite/Swavalamban subscribers. The name and telephone number of the designated Grievance Redressal officer of the ‘aggregator’ should be made available to the subscriber.The designated officer should ensure that grievances of subscribers are redressed properly.
  2. If a customer feels that his complaint has not been satisfactorily addressed, he/she will have the option to approach the Oversight office (NLOO) And Accounting office (NLAO) of the concerned aggregator for redressal of his/her grievance/s.
  3. Aggregator shall carry out the following set of activities in respect of receiving, entry of grievances in NPS-Lite, verification and redressal of grievances from the subscribers and other NPS-Lite Intermediaries:
    a. Receiving of grievances submitted by the subscriber against Aggregator or any other NPS Intermediary in the prescribed format and uploading of all grievances in the Central Grievance Management system (CGMS) of CRA lite on a daily basis. The CGMS system of CRA lite would route the grievances to respective NPS intermediaries.

If Aggregator has grievances against any NPS intermediary such as CRA or Trustee bank, it shall raise grievance using CGMS of the CRA or at the CRA call center.