HDFC Securities KFin Tech join hands to boost NPS adoption

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New Delhi, Jan 28 (PTI) HDFC Securities on Monday announced a strategic partnership with KFin Technologies Ltd to boost accessibility and adoption of the National Pension System (NPS) among its subscribers.
    The collaboration aims to leverage KFin Technologies' advanced central recordkeeping agency (CRA) platform to provide an enhanced user experience for HDFC Securities' 3.5 lakh subscribers and over 2,700 corporate clients, the company said in a statement.
    CRAs play a vital role in the NPS ecosystem by managing subscriber records, ensuring transparency, and facilitating seamless account operations.
    KFintech's CRA platform is equipped with features such as flexible transaction statement downloads, real-time SMS notifications for contributions, and advanced security measures like dual-factor authentication using passwords and OTPs, it added.
    Subscribers can also access dedicated portals, WhatsApp services, and a missed-call facility to monitor investments and make changes conveniently, the stockbroking firm said.
    "We're excited to partner with KFintech to enhance our service offerings. This collaboration will enable us to provide our subscribers and corporate clients with a superior technological platform for NPS management," HDFC Securities' MD & CEO Dhiraj Relli said.
    "This partnership will leverage the technological advantage to streamline the onboarding process and enhance the user experience for our new subscribers and corporate clients. Together with KFintech, we're well-positioned to drive greater pension penetration in the corporate sector," Relli added.
    The partnership comes as the central government has enhanced tax benefits under corporate NPS from 10 per cent to 14 per cent of basic income, driving increased interest in the corporate NPS market.
    Currently, with only 18,700 corporations registered under Corporate NPS and 21.6 lakh subscribers, there is substantial growth potential in this segment.

(This story has not been edited by THE WEEK and is auto-generated from PTI)