Highlights
Instant Bank Account Verification by ‘penny drop'.
Know what it means and why money is not deposited.
New Delhi: Pension Fund Regulatory and Development Authority (PFRDA) devised a suitable technology intervention called Instant Bank Account Verification thus using "Penny drop" facility for the National Pension System (NPS) subscriber who wish to withdraw their funds. In order to ensure that the withdrawal amount is remitted within in the specified timelines in the subscriber's account the penny drop.
In order to resolve the issue of return of remittances and to protect the interest of NPS subscribers with timely credit of amount and for additional due diligence to identify the rightful beneficiary, Instant Bank Account Verification by ‘penny drop’ would be adopted by CRAs, by integrating their IT system and exit framework with the Fin-tech service providers.