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economy | IST

National Pension Scheme to get major digital revamp

The government is planning a big digital revamp of the National Pension System (NPS).

The government is planning a big digital revamp of the National Pension System (NPS).
The idea behind the digital push is to protect the subscribers' interest and bring in a more efficient, effective risk-based monitoring of the invested funds and automating the entire compliance process that the NPS trust employs while investing funds, while getting funds from subscribers and getting the returns for the people.
The system, which is in place is a physical system, where all the intermediaries' report physically or by email to the NPS trust and these reports are sent periodically – monthly, quarterly, half-yearly or yearly.
Going through these reports, ensuring that everything is in order and everything is being monitored well is a big task for the NPS trust because it is not an automated process.
The NPS trust has invited bids last week, as it plans to have an entire new digital automated system through which all these reports come into the digital system and they are monitored and alerts are raised in a more efficient manner.
The subscriber interest is at the top, so even the grievance system is completely automated.
The entire process is being automated. The tenders have been invited and it has been specified that within nine months the project should go live.
Watch the accompanying video for more details.