Answer: PFRDA
Notes: The Pension Fund Regulatory and Development Authority (PFRDA) has made ‘penny drop’ verification mandatory for the withdrawal of funds by subscribers of the National Pension System (NPS), Atal Pension Yojana and NPS Lite as well as modifications in bank account details. Under the process, Central Recordkeeping Agencies (CRA) check the active status of the savings bank account and match the name in the bank account number with the name in the PRAN or according to the documents submitted.
