HDFC Securities and KFin Tech Unite for NPS Advancement

HDFC Securities partners with KFin Technologies to boost National Pension System adoption, leveraging advanced recordkeeping to enhance user experience for 3.5 lakh subscribers and 2,700 corporate clients. This comes amid increased interest due to enhanced corporate NPS tax benefits.

In a move to strengthen the National Pension System (NPS) adoption, HDFC Securities announced its partnership with KFin Technologies Ltd on Monday. This strategic collaboration aims to utilize KFin Technologies' advanced central recordkeeping agency platform, enhancing the user experience for HDFC's extensive subscriber base and corporate clientele.

CRAs, or central recordkeeping agencies, play an integral role in the NPS framework by managing and maintaining subscriber data with transparency and operational efficiency. KFintech's platform offers features like flexible transaction statement access, immediate SMS alerts for contributions, and robust security, including dual-factor authentication using passwords and OTPs.

This partnership coincides with the government's recent tax incentive boost for corporate NPS, potentially increasing interest in NPS adoption. With around 18,700 corporations and 21.6 lakh subscribers currently engaged, there is considerable potential for growth in this sector.

(With inputs from agencies.)