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RBI/2017-18/16
DNBR(PD)CC.No.087/03.10.001/2017-18
July
06, 2017
All NBFCs
Madam/ Sir,
Point of Presence (PoP) Services
under Pension Fund Regulatory and Development Authority (PFRDA) for
National Pension System (NPS)
Please refer to Para 111 of Non-Banking Financial
Company – Systemically Important Non-Deposit taking Company and Deposit
taking Company (Reserve Bank) Directions, 2016 prohibiting
NBFCs from undertaking PoP Services under the PFRDA for NPS.
2. On a review, it has been
decided that NBFCs with asset size of ? 500 crore and above which comply
with the prescribed CRAR and made net profit in the preceding financial
year be permitted to undertake PoP services under PFRDA for NPS after
registration with PFRDA. Eligible NBFCs extending such services shall
ensure that the NPS subscription collected by them from the public is
deposited on the day of collection itself (T+0 basis; T is the date of
receipt of clear funds, either by cash or any other mode) with the Trustee
Bank. The deposits shall be made in the Trustee Bank account opened for
this purpose under the regulations framed by PFRDA for NPS. NBFCs
conducting PoP services shall strictly adhere to the guidelines framed by PFRDA.
Any violation of the instructions above would invite supervisory action,
including but not limited to cancellation of permission to undertake PoP
services.
3. The updated para 111 of the
above referred Directions is enclosed.
Yours faithfully
(C.D. Srinivasan)
Chief General Manager
Encl.: As above
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