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Bank of India collaborates with K-fintech to launch UPI-enabled digital platform for NPS

by Rishika Choudhury

Date & Time: Jul 16, 2022 12:00 PM

Read Time: 1 minute

On July 15, the Bank of India, in collaboration with K-fintech, launched its UPI-enabled digital platform for National Pension System enrollment (NPS).

Customers will now be able to open NPS accounts on their mobile devices simply by scanning a QR code. In addition, new subscribers will be able to make additional contributions via QR code.

Who started the new digital platform

The new digital platform was inaugurated by Supratim Bandhyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA) in the presence of AK Das (MD and CEO) Bank of India, and three executive directors of the Bank of India, namely, Swarup Dasgupta, M Karthikeyan, and Monika Kalia. Other attendees included AG Das, Executive Director, PFRDA and Mono Phukon, CGM, PFRDA along with DS Shekhawat, General Manager, Government Business Department, BOI, and Mukesh Sharma, ZM, New Delhi, BOI, along with the K-fintech team.

Speaking on the sidelines of the occasion, Bandyopadhyay said, “We are happy to announce that Bank of India has launched its digital mode in association with K-fintech for new NPS registration. I believe that this digital initiative by the bank will complement our efforts in a dynamic way in realising our vision of a pensioned society.”

NPS scheme offer number of benefits to subscribers

Das added: “The NPS scheme offers a number of benefits to subscribers to enhance and secure their future. Through our technological integration with K-fintech, We have made the NPS subscription process easy, fast, and hassle-free for the customers. This may act as an impetus for further expansion of NPS accounts.”

What is NPS?

The National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme that enables subscribers to make the best decisions for their future by making systematic savings throughout their working lives. The NPS aims to instil in citizens the habit of saving for retirement.

Also Read: PNB, UCO Bank and others offer attractive fixed Deposit Interest Rates; Check out here

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