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PFRDA To Go Fully Digital In Operations, Invites Bids From IT Vendors To Launch Project

Pension fund regulator PFRDA has initiated steps to digitise its operations through the ‘Technology Architecture Project’, inviting bids from IT solutions providers to launch the project.

PFRDA’s most of the operations are currently manual in nature, and digitisation is partial.

PFRDA has decided to digitise and automate its operations through Technology Architecture Project, which is envisioned to be a modular and Application Programming Interface based platform, PFRDA said in a bid document seeking interest from reputed IT system integrators.

“Pension Fund Regulatory and Development Authority invites Expression of Interest from interested and reputed IT vendors/System Integrators for design, development/customisation, implementation and maintenance services for PFRDA Technology Architecture Project,” it said.

PFRDA has the objective of promoting old age income security by way of regulation, development, regulation of pension funds of the two flagship schemes — NPS and APY — to protect the interest of subscribers among others.

The pension system regulator has a variety of stakeholders such as NPS Trust, pension funds, Central Recordkeeping Agencies, custodian, trustee bank, Points of Presence, annuity service providers and retirement advisors performing a definite role for the benefit of subscribers.

Technology is acting as a catalyst for change across multiple industries and it is also enabling innovation that is resulting in creation of customised and nuanced products and offerings, PFRDA said.

“The right technology infrastructure and solutions can act as catalysts for the pension ecosystem in India and make it more robust and pervasive,” it said.

TARCH’s scope of work involves implementation of a revamped PFRDA website along with a chatbot; solution for digitising supervisory and regulatory compliance related activities for intermediaries as well as non-intermediaries; a comprehensive data platform to store data for CRAs and other internal applications of PFRDA.

The SI will also be required to provide effective ways to transform each office function through digital means, it said.

“PFRDA is looking to implement core Human Resource Management Solution, admin, finance, IT, RTI, PQ, audit, existing office solutions and legal processes with customised cloud-based ERP solutions and digitally enabled smart office solutions.”

PFRDA said the winning bidder or the consortium of bidder will have a five-year contract. The fee for the EOI is Rs 25,000 in the form of demand draft or a banker’s cheque.

The last day of sending the EOI is July 19, 2022 till 15:00 hours.

On the eligibility conditions, it said the bidder should be a company registered under the Companies Act or a partnership firm or a LLP.

The bidder should be a profitable company for each of the last three financial years and must have annual turnover of a minimum of Rs 700 crore for each of the last three years, as per the bid document.

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