Monitoring by NPS Trust
The NPS Trustee Bank accounts are maintained on behalf of the NPS subscribers and in the name of the NPS Trust. NPS Trust is the registered owner of NPS funds. However, individual NPS subscribers remain beneficial owners of these funds.
Once the appointment as Trustee Bank is issued to the selected Bank by PFRDA, NPS Trust executes a Service Level Agreement and Non-Disclosure Agreement with the new Trustee Bank. It provides the provisions for the timelines for the operational and service level matrix for trustee bank and the penal provisions on breaches. Further, the operations of the Trustee Bank are monitored regularly through the provisions of the Agreement, PFRDA (Trustee Bank) Regulations, 2015 and the various guidelines issued by PFRDA and NPS Trust. The performance of the Trustee Bank is monitored on a monthly basis and the exceptions, if any, are reported to the Authority for corrective action.
Audit reports and Auditor’s Certificates are obtained on Quarterly and Annual basis by Trustee Bank. The same is also monitored and exceptions are considered for corrective action.