The move is aimed at expanding the outreach of entire eligible population of the country through the APY module which is integrated with bank’s core banking system (CBS), the PFRDA said today.
“The banks have to simply enter the savings bank account number of the prospective subscriber and the APY module automatically fetches the required details from the banks master data base and the subscriber is allotted Permanent Retirement Account Number (PRAN) immediately,” the pension fund regulator said in a release.
Under APY, all Indian citizens in the age group of 18-40 years can join the scheme. So far 31.85 lakh subscribers have registered under the scheme, the PFRDA said.
Additionally, PFRDA already facilitates the internet savvy people as they can join APY through their Internet banking.
Leading banks in the country like SBI and ICICI are already offering this facility through net banking. Many other banks have also expressed interest to provide this facility to their customers, the regulator said.
No physical form is required to be submitted to the bank by the customer, it said.