Dailymirror.news,Mumbai, January 28th, 2025: HDFC Securities, a leading stock broking company and a wholly owned subsidiary of HDFC Bank, has announced a strategic collaboration with KFin Technologies Limited (KFintech), one of the largest Central Recordkeeping Agencies (CRAs) in India, to enhance the accessibility and adoption of the National Pension System (NPS) among its subscribers.

HDFC Securities boasts an extensive subscriber base of over 3.5 lakh individuals and more than 2700 corporate clients.

CRAs play a pivotal role in the NPS ecosystem by providing centralized record management, ensuring transparency, and streamlining account management. This enables subscribers to track contributions, monitor investments, and make necessary adjustments easily.

KFintech’s CRA platform offers several cutting-edge features, such as flexible transaction statement downloads over any date range and real-time SMS notifications for all contribution modes, ensuring an enhanced user experience and improved security.

The platform is equipped with advanced security features like dual-factor authentication via password and SMS OTP, along with dedicated portals for subscribers, WhatsApp services, and a missed call facility for seamless access.

Mr. Dhiraj Relli, MD & CEO of HDFC Securities, commented on the partnership, stating, “We are thrilled to partner with KFintech to improve our service offerings. This collaboration will allow us to provide a superior technological platform for NPS management to both our subscribers and corporate clients.

The timing of this partnership is ideal, as we are witnessing growing interest in Corporate NPS due to enhanced tax benefits, especially during the initial months of the year.”

Mr. Relli further added, “KFintech has demonstrated remarkable technological leadership, contributing to 47% of the growth in new registrations, the highest among CRAs.

Together, we will leverage this technological advantage to streamline the onboarding process and improve the user experience for our new subscribers and corporate clients. With KFintech’s support, we are well-positioned to drive greater pension penetration in the corporate sector.”

Sreekanth Nadella, MD & CEO of KFin Technologies, stated, “The rapid digitization of financial services has created a unique opportunity to reshape the pension landscape in India. This partnership with HDFC Securities is a transformative step in our mission to democratize pension coverage across the nation.

By combining our comprehensive digital solutions with HDFC Securities’ robust corporate network, we aim to create a powerful synergy that will significantly enhance access to NPS nationwide.”

The partnership comes at a strategic time as the Government of India has recently increased tax benefits under Corporate NPS from 10% to 14% of basic income, which has fueled greater interest in the corporate NPS market.

With only 18,700 corporations registered under Corporate NPS and 21.6 lakh subscribers, there remains significant growth potential in this segment.