Supervision - Process Management (Central Recordkeeping Agency, Trustee Bank, Exit and Annuity Service Provider)

Overview  

Department is responsible for supervising the Central Recordkeeping Agencies (CRAs), Trustee Bank and Annuity Service Providers (ASPs) to ensure that they adhere to the established regulations, guidelines, instructions, SOPs, Service level agreements etc. and monitor their performance. The department is also responsible for activities related to Exits and Withdrawals under NPS. The department oversees improvements in CRA Systems and development of new functionalities by the CRAs as per emerging needs.

Key Functions

CRA Supervision

• Processing the periodical reports received from CRAs and their performance are monitored in terms of adherence to compliance of regulations, guidelines, instructions, SOPs etc. 
• Onsite inspections of CRAs to ensure alignment with CRA regulations and guidelines.
• Periodic review meetings with CRA officials are conducted.
• Review of the new initiatives and system improvements that are introduced by CRA to enhance subscriber experience.

Trustee Bank Supervision

• Processing the periodical reports of Trustee bank.
• Monitoring the activities of Trustee bank to ensure compliance, system integrity, and adherence to timelines as defined under Service Level Agreement.
• Policy updates and system enhancements are communicated, ensuring timely fund flow and reporting.
• Introduce new features/processes for better service delivery, grievance handling, remittance processing, and subscriber fund transfers.

Exit & ASP Supervision

• CRA processes related to subscriber exit and withdrawals are monitored for compliance and effectiveness. 
• Overview the system capability of CRAs in adherence of the regulations for processing the Exit cases.
• ASP performance is reviewed using MIS reports; deviations are addressed and feedback is provided to streamline the annuity issuance process.
• Monitoring the adherence of the operational instructions/directions by the ASPs.