Open NPS account from home; PFRDA allows onboarding subscribers via video KYC
Joining the list of financial products that use the video KYC (know-your-customer) facility is the National Pension System (NPS). Soon, subscribers can open accounts, withdraw money using the video KYC process. According to the Pension Fund Regulatory and Development Authority's (PFRDA) press release issued on October 6, 2020, "PFRDA has now permitted its intermediaries to use of Video based Customer Identification Process (VCIP), in addition to the existing options, in order to further facilitate onboarding, withdrawals, exit and for processing of other related service requests of NPS Subscribers." This comes a month after the insurance regulator announced that insurance companies can use the video KYC facility to use real-time video-based authentication methods to vet customer credentia...