Regulator PFRDA has asked Atal Pension Yojna (APY) service providers to use a revised form to seek consent of subscribers' for seeding Aadhaar with their accounts from Monday.
APY, a guaranteed pension scheme, is government's flagship social security programme.
The pension has asked Atal Pension Yojana service providers to use a revised form to seek consent of subscribers' for seeding Aadhaar with their accounts from Monday.
The guaranteed pension scheme is government's flagship social security programme.
The Pension Fund Regulatory and Development Authority, in a circular, said several meetings were held with the Department of Financial Services in the Finance Ministry and pension service providers with reference to Aadhaar seeding and authentication in accounts.
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The last such meeting was held about a month ago in which officials from Punjab National Bank, Punjab and Sindh Bank, Bank of Baroda and Oriental Bank of Commerce participated.
The pension scheme subscriber registration form has been "suitably" modified to obtain the consent of the subscriber for Aadhaar seeding and subsequent authentication.
"All APY service providers are informed to obtain the revised form with effect from January 2018 and to capture the details as per the revised form," the circular said.
After getting the Aadhaar information, they will have to upload it into Central Recordkeeping Agency.
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As per the Aadhaar Act, any individual who is eligible to receive benefits under Atal Pension Yojana will have to furnish proof of possession of the 12-digit unique identity number or enroll for it.
The scheme is open to all bank account holders. The government co-contributes 50 per cent of the total contribution or Rs 1,000 per annum, whichever is lower, to each eligible subscriber, for five years—it's for those who joined before Dec. 31, 2015.
Under the the scheme, the subscribers will receive the fixed minimum pension of Rs 1,000-5,000 per month at the age of 60 years, depending on their contributions.
For opting for the scheme, they have to approach the bank branch or the post office where they hold the account.
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