365Telugu.com online newsMumbai, 3rd October 2024: NPCI Bharat BillPay Ltd. (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), has announced a significant partnership with the Pension Fund Regulatory and Development Authority (PFRDA) to integrate the National Pension System (NPS) as a new biller category on the Bharat Connect platform (formerly known as BBPS).
This integration allows individual investors to make contributions to their existing NPS accounts through Bharat Connect-enabled platforms. The service is already live on popular platforms such as BHIM, PhonePe, MobiKwik, and Kotak Mahindra Bank’s Net Banking Channel, with many more platforms expected to integrate in the near future. The collaboration also includes Axis Bank as a Biller Operating Unit (BOU) and SETU as the Technology Service Provider (TSP), both playing key roles in making this integration possible.
NPS has shown impressive growth in both volume and value over the last five years. During this period, the number of subscribers and contributions have increased by approximately 30% year-on-year. As of September 2024, the retail subscriber base for NPS stood at around 38.25 lakh, while corporate accounts numbered 21.29 lakh, and government accounts reached 94.15 lakh.
With the addition of the NPS category to Bharat Connect, customers can now enjoy a seamless and simplified investment experience via their preferred digital payment apps. The platform offers a user-friendly interface for authorization, interoperability across multiple channels, and several payment modes. Users will also benefit from quick resolution of any issues through an integrated grievance and support portal.
Speaking about the initiative, Dr. Deepak Mohanty, Chairman of PFRDA, said, “Our collaboration with NPCI Bharat BillPay will significantly contribute to simplifying pension contributions for millions of Indians. By further digitizing the contribution process, we aim to enhance the investment experience for NPS subscribers. The improved accessibility options provided by Bharat Connect will not only boost NPS adoption but also empower individuals to take charge of their financial future with confidence.”
Ms. Noopur Chaturvedi, CEO of NBBL, shared her excitement about the integration: “We are thrilled to bring the National Pension System (NPS) onto the Bharat Connect platform. This partnership with PFRDA makes pension contributions more accessible and user-friendly across hundreds of platforms. It aligns with our mission to offer a seamless, secure, and interoperable digital payment experience for all citizens. In line with the government’s vision of making financial services more inclusive, this integration will empower millions of NPS subscribers to invest in their future through the platform of their choice, democratized by Bharat Connect.”
Vivek Gupta, President & Head of Wholesale Banking Products at Axis Bank, expressed his pride in the collaboration: “Axis Bank has always been at the forefront of pioneering Digital Transaction Banking solutions. We are proud to be the only bank in India offering an integrated solution across Bharat Connect and central record-keeping agencies. This will allow citizens to make seamless NPS contributions and secure their retirement. We are pleased to contribute to this key national initiative.”
Bharat Connect has also successfully onboarded all central record-keeping agencies, including Protean, KFintech, and CAMS, ensuring that every existing NPS subscriber can make contributions without any hassle via the platform.