Prebid Queries Response RFP for Selection of Trustee Bank under NPS Architecture

Prebid Queries Response: RFP for Selection of Trustee Bank under NPS Architecture Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Physical instruments (cheque/DD) are submitted by Nodal Could you please explain how Offices/PoPs to bank branches along with the CSF Page 7 Business Process Flow physical modes of collection such 1 Clause 4.1 (Contribution Submission Form) copy containing the CRA- of 37 of Trustee Bank as cheque & DDs be mapped in the generated Transaction Identification details (TID), which Subscriber Contribution File (SCF) enables mapping and reconciliation of the contribution.

Could you please confirm format of Clause 4.2 Page 7 Business Process Flow 2 the Subscriber Contribution File Format is enclosed for reference.

Section (a) of 37 of Trustee Bank

(SCF) Could you please confirm the Clause 4.3 Page 8 Business Process Flow All the functions for which Trustee Bank interacts with 3 approach & functionality of the API

Section (b) of 37 of Trustee Bank different entities as mentioned in the RFP. mentioned Could you please confirm format of Clause 4.3 Page 8 Business Process Flow XML format is being followed currently. Format is enclosed 4 the Fund Receipt Confirmation

Section (e) of 37 of Trustee Bank for reference.

(FRC) Page 1 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Currently, CRAs provide portal access to the Trustee Bank What is the mechansim for Trustee for FRC upload; PFRDA does not issue separate Clause 4.3 Page 8 Business Process Flow Bank to upload the FRC on CRA 5 credentials. The selected Trustee Bank is expected to

Section (e) of 37 of Trustee Bank system ? Will PFRDA provide login integrate its systems with CRAs for automated FRC credentials to Trustee Bank ? submission.

Could you please specify the format Clause 4.3 Page 9 Business Process Flow in which Trustee Bank has to upload 6 Section (e) XML format is being followed currently. of 37 of Trustee Bank closing balances of NPS Trust Point xi) Accounts in CRA Could you please specify what Clause 4.3 Trustee Bank would be required to submit periodic reports Page 9 Business Process Flow reports will Trustee Bank need to 7 Section (e) to NPS Trust and PFRDA. The tentative list of reports is of 37 of Trustee Bank share with other intermediaries on Point xvi) attached for reference.

periodic basis Could you please specify how and in Clause 4.3 Page 9 Business Process Flow what format will instructions be XML format is being followed currently. Format is enclosed 8

Section (g) of 37 of Trustee Bank provided to Trustee Bank for pay-in for reference processing Business Process Flow Withdrawal Account (WAC) processing involves Clause 4.3 of Trustee Bank - Page 9 Could you please explain what is settlement and remittance of funds from the withdrawal 9 Section (g) Table 4(a) - Core of 37 meant by WAC processing account maintained by the Trustee Bank based on Point 5 activities of Trustee payment instructions received from the CRAs.

Bank Could you share draft of SLA to be Page 18 Terms of Appointment The draft SLA will be shared by NPS Trust with the 10 Clause 11.1 executed with NPS Trust, in case of of 37 of Trustee Bank selected entity.

appointment Page 2 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification We understand that Financial Proposal shall include payment of Annual Fees to be quoted as The Annual Fee payable shall be equivalent to the amount indicated in the format. The Annual calculated basis the rate quoted by the selected Trustee Fee payable shall be equivalent to Bank, applied on the consolidated daily average closing the amount calculated basis the rate balances of all NPS Trust Accounts opened and quoted in terms of percentage per maintained by NPS Trust with Trustee Bank.

Annexure Page 34 Format for submitting annum applied on the consolidated 11 IX of 37 Financial Proposal daily average closing balances of all Illustration:

NPS Trust Accounts opened and Average Daily Closing Balance (Quarter) = Sum of Closing maintained by NPS Trust with Balance of NPS Trust Accounts (Quarter) / Number of Trustee Bank days in the Quarter Annual fee (payable quarterly) = [{Average daily closing Could you please illustrate the balance (Quarter) * Rate quoted by the selected entity}/4] Annual Fees to be paid with an example , For point number 1-5 which projects should be Annexure Page 25 under Table B – Please refer documentary evidence required under Table 12 considered as a base for the IV of 37 Technical Evaluation A of Annexure IV.

evaluation (Sub Parameters), RBI CSITE Audit & which category of RBI CSITE should Please refer documentary evidence required under Table 13 Point 6 Page 26 Compliance be considered for evaluation A of Annexure IV.

If an IT solution is required for

Role of Trustee Bank is to: reconcilication of funds, receipt reconciliation/fund of information from CRA, Fund confirmation to CRA, movement/integration with NPS, Page 7- Business Process Flow receipt of Pay-in instruction from CRA, Transfer of funds 14 Clause 4 can we have the technical 10 of 37 of Trustee Bank to PFs/ASP/subscribers as the case may be. The selected architecture diagram for the IT entity has to provide IT solution for performing these solution that is required. Along with functions.

Technical Specification document Page 3 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification For Number of CMS client & Throughput from CMS business on Experience in Govt. & page 27, Can online channels (for 15 Point 12 Page 27 Please refer the format in the Appendix I(C) CMS business Payments & Collection) be considered for Example Net Banking (Fedone), PG, POS etc.

Page 7- Business Process Flow Technical Document from all the 16 Clause 4 Will be provided to the selected entity 10 of 37 of Trustee Bank stakeholders (All Touchpoints).

Page 7- Business Process Flow Architecture Diagram (Detailed 17 Clause 4 Will be provided to the selected entity 10 of 37 of Trustee Bank Workflow) and the Hosting details Page 7- Business Process Flow Clarity on Clean VAPT reports and Please refer documentary evidence required under Table 18 Clause 4 10 of 37 of Trustee Bank sharing of the same with Bank A of Annexure IV.

PGSPs remit the funds to Trustee Bank in case of online Collection Modes (Payment Modes) transactions by subscribers through eNPS portal. The Page 7 Business Process Flow and Settlement details will be 19 Clause 4.2 transaction details file for the same will be shared by of 37 of Trustee Bank needed as for PG we will receive the respective CRAs with Trustee Bank. Trustee bank has to funds on T+1 working day.

consider the same for processing.

Length and Format of the Unique Page 7 Business Process Flow 20 Clause 4.2 Transaction Identity generated by 13 digit numeric data of 37 of Trustee Bank the CRAs.

Is the 109 accounts (100+3+3+3) accounts to be maintained as Savings Account or Current Page 10 No specific stipulation. At present, the current Trustee 21 Clause 5 Statistical Overview Account (as Section 10 and of 37 Bank maintains current accounts.

Annexure IX mandates annual fees/charges linked to the Repo rate) Page 4 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification The annual fee referred to in the RFP is not in the nature If Current Account, could you of interest on the account balance. It is a methodology please clarify, whether any prescribed for calculation of the annual fees payable by concurrence from Regulator (RBI) is the Trustee Bank, as specified by PFRDA.

available confirming to provide the page 18 Annual Fees/ charges linked to 22 Clause 10 Annual Fee The Trustee Bank is required to pay the annual fee on a of 37 REPO rates. quarterly or such other periodic basis as prescribed by If it’s a Savings Account, the slab PFRDA, and the computation of such fees is based on the wise rates may vary, as per the RBI rate quoted by the Trustee Bank (selected entity) during guidelines Interest Rates needs to the RFP process, applied on the closing balance of the be uniform across all accounts NPS Trust accounts maintained with the Trustee Bank.

Average Fund Flow is provided, I.e. daily Average inflow of fund & Daily Average closing Balance of all Accounts. Could you please provide Clause 5 Page 10 23 Statistical Overview daily inflows, outflows, closing Please refer section 5 of the RFP.

Table 5(c) of 37 balances for last year instead of Averages. The same is required to ascertain skewness of fund flow to make provisions at treasury end.

Is Bank suppose to provide any modes of collection that is PG, VAS, The Trustee Bank does not provide PGs; these are BBPS, if yes any cost circumvention facilitated by CRAs/NPS Trust. Under BBPS, the Trustee Page 7- Business Process Flow 24 Clause 4 required, or the same is provided by Bank acts as a BOU for settlement purposes only. The 10 of 37 of Trustee Bank CRA’s etc.- Pg 7 Point 4.2 (a) & 4.2 arrangement remains B2B in nature, with no direct

(b)Is this a B2B arrangement or a subscriber interface.

B2C arrangement also Page 5 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification As per our understanding if the funds are realized, between 12:01AM – 11:00AM settlement Yes, as per the existing TAT. However, timelines may be needs to be done before 11:45 Am further optimised based on the advancement in Page 9 Core Activity of trustee on the same day & If funds are 25 Table 4(a) technology, applicable electronic remittance system, of 37 Bank realized from 11:01 Am – 12:00Pm allowed clearing / electronic clearing cycle etc., and the same needs to be settled on T+1 PFRDA's instructions.

day, Thus Bank will be having float for funds realized between11:01 Am – 12:00Pm. Please confirm Virtual accounts are created by CRA for the subscribers to Are these static VAS or dynamic Page 10 make the direct payment are static. These static virtual 26 Table 5 (b) Virtual Accounts VAS, onus of creation of VAS is with of 37 accounts are to be linked with Trustee Bank collection PFRDA or Bank account to received the fund directly.

pertaining to line of Credit, What are Page 12 To enable same day investments and remittance of 27 Point G Line of Credit the timelines and overall of 37 withdrawal proceeds to subscribers on a shorter duration.

expectation Table 7(a) Page 12 CMS can we include online 28 CMS Business Refer the format in the Appendix I(C) point 4 of 37 payment and collection channels Page 18 29 Clause 10 Annual Fee Can bid be quoted below Repo Rate No. It should be strictly as per Annexure-IX of the RFP.

of 37 Page 22 Can CBDT transactions be Please refer documentary evidence required under Table 30 Table A Point 1 & 2 of 37 considered here A of Annexure IV.

Page 22 Which Application to be considered Please refer documentary evidence required under Table 31 Table A Point 3 of 37 here A of Annexure IV.

ISO 20022- This is relevant to Page 22 Please refer documentary evidence required under Table 32 Table A Point 3 NEFT/RTGS and not Infrastructure of 37 A of Annexure IV. or resillience Page 6 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Page 23 Whether CBDT /CBIC evidence Please refer documentary evidence required under Table 33 Table A Point 4 of 37 suffice A of Annexure IV.

Page 23 Please refer documentary evidence required under Table 34 Table A Point 5 Existing Application will suffice of 37 A of Annexure IV.

RBI does not give summary, they Page 24 give comments & rectification status Please refer documentary evidence required under Table 35 Table A Point 6 of 37 only, please clarify on what to A of Annexure IV.

provide Page 24 Please refer documentary evidence required under Table 36 Table A Point 7 Please elaborate of 37 A of Annexure IV.

Page 24 Proof of existing application will Please refer documentary evidence required under Table 37 Table A Point 8 of 37 suffice A of Annexure IV.

As per Regulation 3(4) of TB Regulations, the Authority page 17 Maximum number of trustee Bank may appoint one or more Trustee Bank. In case PFRDA 38 point 8.27 sub point a,b,c,d of 37 can be 2? decides to appoint more than one Trustee Bank, the procedure mentioned at point 8.27 will be followed.

Scope of appointment:

Will PFRDA appoint only one Trustee Bank As per Regulation 3(4) of TB Regulations, the Authority or multiple banks Please clarify whether one or more may appoint one or more Trustee Bank. In case PFRDA 39 4 7 under this RFP? If Trustee Banks will be selected. decides to appoint more than one Trustee Bank, the multiple, how will procedure mentioned at point 8.27 will be followed.

responsibilities be allocated among them? Page 7 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Daily average closing balance of all Balances depend on inflows and prescribed TAT and accounts will it be more than 800 cr. cannot be pre-determined.

40 5.1 10 Fund flow Whether all accounts are Current No specific stipulation, at present, the current Trustee Account? Bank maintains current accounts.

A dedicated Cell is to set up which 41 6 c 11 NPS Cell location. Any specific location is At Mumbai only. there? Are these cut-offs subject to Cut-off timelines for revision with payment system Fund Receipt changes (e.g., 24x7 RTGS/NEFT 42 4(a) 9 Please refer note section under Table 4(a).

Confirmation uploads windows)? If revised, what notice and pay-in processing. period and transition plan will be

provided? Technical presentation requirement and Is there any prescribed presentation 43 8.17 15 No specific stipulation. evaluation as part of template/agenda? technical score.

Need more clarification in annual 44 10 18 Annual Fee Please refer response to Query 11. fee calculation #3: Government

Business: The applicant has been Table 7(a) - authorized to Whether the applicant Bank should Eligibility undertake Government have authorization from all states? Please refer supporting documents stipulated under Table 45 Criteria and 12 business on behalf of or some states' authorization will 7(a).

Document Ministries or suffice? Checklist Departments of the Central Government and the State Governments.

Page 8 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification IV. Opening Applicants securing 70 and marks or more out of How score is being given under Evaluation 100 in the technical technical evaluation? How 46 16 Please refer Table B of Annexure IV.

of evaluation shall be Technical Parameter's Mark is being Proposals considered given (Subjective or Quantitative)? (8.19) "Technically Qualified".

ANNEXUR

E IV:

TECHNICA L EVALUATI ON PARAMETE RS AND DOCUMEN TS Real-time Need more detail on E2E Real-time 47 23 Please refer Table B of Annexure IV.

CHECKLIS Reconciliation Reconciliation T>Table A:

Technical Evaluation (Category and Criteria) - #4 Reconciliati on Engine Page 9 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification The business activities of Trustee bank are linked with the other processes at CRAs.

Therefore, bank shall Table 4(a) - ensure that the Core activities are Core banking BOD starts at 00.00 48 activities of 9 completed before the Query not clear. hrs and EOD at 11:59 PM Trustee timeline specified. The Bank following table outlines the indicative core functions and corresponding timelines for Trustee

Bank at present:

The applicant has been authorized to undertake Government business on behalf of Governmen Agency Banking licence or any Please refer supporting documents stipulated under Table 49 12 Ministries or t Business other documents required 7(a).

Departments of the Central Government and the State Governments.

Annexure IV:Technica l Evaluation Table B – Technical Table B follows Table A in terms of submission of 50 Parameters 22 Evaluation (Sub Is there any documents required? supporting documents. and Parameters) Documents Checklists Page 10 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Kinldy confirm whether all the Through virtual accounts in case of collection, and direct NEFT/RTGS /IMPS will come if it is investment account.

through VA only and there will not

Section 4.2, Integration 51 7 be any fund coming directly to any With regards to cheque/DD, the nodal offices (Govt office)

4.3(b) Architecture account. or PoPs may submit cheque along with the copy What will be the process for Contribution Submission Form (CSF) carrying Transaction Cheque/DD? ID (TID) generated in the CRA system to the branches.

Virtual account number is the unique identification number Will Virtual Account numbers for generated by CRA while onbarding of any entity (Nodal

Section PoPs/Nodal Offices/Subscribers be office/POP) one time. The same number is used for enitity 52 4.2(a), 7 Virtual Accounts (VA) centrally generated by CRA or can indetification under NPS and is to be linked with Trustee

4.3(e)(ii) Trustee Bank generate & sync Bank collection account to received the fund directly from them? Nodal office/POP As Bill Operating Unit(BOU) under BBPS, will Trustee Bank receive In the BBPS setup, the Trustee Bank acts as a BOU. The

Section BBPS (Bharat 53 7 NPCI settlement files + API Trustee Bank shall undertake the settlement process as

4.2(b)(iii) Connect) callbacks? What is the expected per the BBPS-prescribed procedures.

T+0 / T+1 settlement timeline? Is mandate registration expected

Section directly on NPCI NACH or routed via Mandate creation request can be routed via CRA to TB 54 8 NACH Mandates

4.3(e)(iv) CRA? Will mandate status APIs be and TB can support for mandate registration. available? Page 11 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification At present, CRA provides login access to their portal for uploading of Fund Receipt Confirmation (FRC). The FRC Will FRC be submitted transaction- is being uploaded in bulk in specified format (currently

Section Fund Receipt 55 8 wise via API, bulk file, or both? What XML format). Further, the selected Trustee Bank is

4.3(e)(v–vii) Confirmation (FRC) is the FRC format ? required to integrate their system with the CRAs for APIs as well.

FRC format is enclosed for reference.

Currently, CRA provides web-based access to both the Trustee Bank and PFs. The calculation of fund investment In case of net receivable from PFs and the net payable/receivable amounts is carried out by

Section Net Settlement with (higher redemption), what CRA, which then issues instructions to the Trustee Bank 56 8

4.3(e)(viii) PFs confirmation mechanism (API/file) and PFs. Both parties are required to act strictly as per will PFs use to notify Trustee Bank? these instructions. Successful settlement depends on mutual coordination between the Trustee Bank and PFs to ensure timely execution.

The rejection code can be identified at Trustee bank end due to various reason not limited to

(a)Tran ID not transmitted via inward message, Is there a standard error code for (b) Remittance received for expired Tran ID

Section 57 8 Unidentified Funds unidentified / unmatched funds to (c) Amount mismatch

4.3(e)(ix) be shared with CRA & PoPs? (d) FRC done previously The rejection details can be shared with the CRA as well as Nodal Offices.

Page 12 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Transaction ID (TID) generated by CRA is the primary Annexure Will CRA-generated Transaction ID identifier. For reconciliation, Transaction ID, virtual IV (TID) be the primary identifier, or 58 22 Transaction ID account number and amount can be used. Further, (Integration must Trustee Bank also generate an Trustee Bank may assign any other reference number for ) internal reference and map it? their own reconciliation or any other purposes.

Annexure Is near real-time IV – Reconciliation reconciliation mandatory from It is expected from the selected entity to have near real- 59 23 Reconciliati Frequency Day-1, or will daily reconciliation be time reconciliation.

on Engine acceptable initially? Transaction ID (TID) generated by CRA is the primary Annexure Will CRA publish standard identifier. For reconciliation, Transaction ID, virtual IV – reconciliation matching 60 23 Matching Rules account number and amount can be used. Further, Reconciliati rules (TID, amount, VA, date), or is Trustee Bank may assign any other reference number for on Bank free to define rules? their own reconciliation or any other purposes.

Is there a minimum intraday / OD

Section The limit will depend on the collection received upto the 61 23 Intraday Credit limit expectation relative to daily

6.1(g) cutoff time and withdrawal proceeds for the day. inflows? Any regulatory cap? Rate of Annual Fee / charges (linked to the what will be the basis of the financial Prevailing RBI Repo proposal? Do we need to remit the Please refer Section 10 and Annexure IX of the RFP. The ANNEXUR Rate plus a margin over fund to designated PFRDA 62 34 selected Trustee Bank will receive the GST invoice upon

E IX: and above it, up to two account? Will bank going to receive remittance of annual fee to PFRDA. decimal places), in any bill against the payment or any terms of percentage specific process. per annum.

Page 13 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Do we need to validate the IFSC code all well while receiving the Selected entity has to designate the dedicated IFSC for

Section 63 7 Designated IFSC code fund. If we receive the fund from fund collection wrt NPS where Nodal office/POP and

4.2(a) different IFSC code, shold we reject subscriber may use for direct remittance. it? Kindly confirm No of debit is nore than the no of credit. Kindly confirm whether debit Debit for onward remittance to PFs takes place on happens on subscriber level consolidated basis to the scheme accounts maintained by

Section 5.1 64 10 Fund flow bifercation wise debit? If yes, can Pension Funds. Debit for onward remittance to (table c) we not have a consolidated debit in subscribers/ASPs takes place at subscriber level as per the account and details files should the instructions received from CRAs.

be shared to the investment agency. is there any CAP on the penalty Please refer note section under Table 4(a) of the RFP.

Note Pont 65 10 Penalty clause clause ? Can we get the SLA of this The draft SLA will be shared by NPS Trust with the no. II proposal selected entity.

Rate of Annual Fee / charges (linked to the Prevailing RBI Repo What is the rationale for linking Rate plus a margin over Repo Rate, being an external rate, prescribed by RBI, ANNEXUR Repo Rate as the benchmark, and 66 34 and provides a transparent and uniform benchmark for fee

E IX: Can we consider MIBOR for offering above it, up to two computation. this products ? decimal places), in terms of percentage per annum.

Page 14 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification As per Regulation 3(4) of TB Regulations, the As per Regulation 3(4) of TB Regulations, the Authority Authority may may appoint one or more Trustee Bank. In case PFRDA Is there a plan to include multiple appoint one or more decides to appoint more than one Trustee Bank, the Trustee Banks — Can it be dividend 67 8.27 17 Trustee Bank. Incase procedure mentioned at point 8.27 will be followed.The by zonal basis or aligned by PFRDA decides to business allocation for the selected Trustee Banks shall business segments ? appoint more than evolve in the normal course through market forces and one Trustee Bank, the stakeholder choice.

following procedure

may beapplicable:

The Trustee Bank In case of failure to meet the required timelines, Trustee is required to pay RBI Bank is required to pay RBI Repo Rate plus two percent Repo Rate plus two Notional Loss is defined in an per annum or notional loss (difference of NAV) incurred by percent per annum or open-ended manner and therefore the subscribers due to such delay, whichever is higher, as notional loss incurred 68 4.3.g note II 10 requires clarification. We would compensation.

by the prefer to ascertain the quantum and Reference to notional loss is intended to ensure that subscribers due to its methodology of computation. subscribers are appropriately compensated for any such delay, demonstrable financial impact arising from delays, while whichever is higher, maintaining proportionality and regulatory certainty.

as compensation.

1. Please confirm the quantum of To offer the line of intraday limit required to be credit (intra-

provided to PFRDA for transfer of 1. The limit will depend on the collection received upto the day/overdraft limit) to funds on T+1 by 10:00 AM. cutoff time and withdrawal proceeds for the day. enable system to

2. In case of Cheque/DD collections, 2. Date of realization, T or T+1 depending in time of 69 6.1 g) 12 facilitate same day please clarify whether T+1 is realization of such amount investment of reckoned from the date of 3. Linked to date of receipt by Trustee Bank. Chargeback contributions and realisation. - On the basis of instructions received from CRAs.

remittance of

3. For PG banks where settlement withdrawal proceeds to amounts are received on T+1, Page 15 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification subscribers on T+1 please also clarify the treatment and basis. timelines applicable in chargeback cases.

1. Since SLAs vary across Government Departments, please clarify which specific SLA Regulatory timelines / compliance report(s) are required to SLA 1. The tentative list of reports is attached for reference.

be submitted.

Annexure compliance reports 2. Regulatory requirement - Internal Audit Reports are 70 24 2. Internal Audit reports are IV S.I. No 7 (last 2 required to facilitate supervisory assessment of internal reveiwed by the regulator for time to years) controls, risk mitigation, and corrective actions.

time, further, any major point Internal audit reports required is published in our annual report. What is purpose of asking for the internal audit report.

1. Bank is open to share total CMS client list with Annexure customer, volume & Value as per As per Appendix I(C), the applicant has to submit Number throughput volumes as 71 IV S.I. No 25 Annexure I-C, but list of CMS of CMS clients, Throughput (in Rs.) and Number of per 12 customers with Volumes may lead transactions certified by Chartered Accountant.

Appendix I (C) to breach of customers secracy.

Bank can provide certified branch Annexure network list with IFSC/BSR codes as • RBI branch 72 IV S.I. No 25 per per Appendix II, however RBI Applicants are required to furnish data as per Appendix II.

authorization 13 branch authorization for each branch may not be available.

Page 16 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification The successful applicant(s) must return the duplicate IV. Opening copy of the same and to PFRDA within Ten What is the timeline to go live once 73 Evaluation 17 (10) working days, duly Within 3 months.

the Mandate is awarded of accepted, stamped

Proposals: and signed by authorized signatory of the applicant as a token of acceptance.

What type of technological integration is expected between The selected entity should support all three - API, SFTP 74 4.3(b) bank and POPs, CRA and PFM (API, and file based. file based, SFTP etc) Confirmation of funds At present, CRA has provided webbased access to the in CRA system in cases Whether there would be netting off Trustee Bank and PFs. The calculation of fund investment where funds are to be 75 4.3(e)(viii) funds during transfer of funds to as well as net payabale/receivable is being done by CRA received on a net basis PFM ? and instructions provided to Trustee Bank/PFs. Trustee from PFs because of Bank and PFs have to follow the same.

higher redemption.

What are the volumes expected from 12:01 am to 11:00 am, Volumes are not pre-defined; the Trustee Bank may 76 Table 4(a) considering there are only 45 mins upload FRCs multiple times before 11:45 AM to ensure

provided for reporting these timely reporting. transactions What will be the consequences if the reporting (Fund receipt is delayed), 77 Generic Query not clear. while fund settlement has happened on time.

Page 17 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Uploading and transmission of At present, settlement days are defined based on Trustee funds to CRA is to be done on 78 Generic Bank and PFs working day and CRA follow the same holidays or not (How are holidays calendar to generate instructions.

and no working days to be handled) At present, all the stakeholders i.e. Trustee bank, POPs, Does trustee bank need to provide Nodal office, PFs are registered in the CRA system and 79 Generic any dashboards to POPs, CRA, CRA has provided the access/dashboard based on their PFMs role. In future, it may be required.

Please provide all the scenarios where penalty can be levied on the Please refer to PFRDA (Trustee Bank) Regulations, 2015 80 Generic trustee bank. Can we get the (As amended). information on all penlties imposed on existing bank in last 12 months Cut-off Handling What is the policy for (Unmatche unmatched funds at cut-off 81 d & Please refer Table 4(a) of the RFP.

(classification, reporting file, Over/Unde timing)? r-payment s) Page 18 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification a. Yes. b. Trustee Bank also supports the role of BOU for receipt of payments through the BBPS mode. In the BBPS payment flow, no virtual account is used; instead, the process operates on the basis of a unique reference number generated by the CRA for each payment initiated a. Is there an expectation to receive through the COU.

NACH payment on virtual account ? In “Funds b. Need more clarity on the flow of Collection For subscribers, there is an additional option wherein a 82 Subscriber contribution where and virtual account number is created by the CRA and mapped Trustee Bank operates as a BOU. Is Pooling”: by the Trustee Bank to the designated collection account.

there an expectation to support Using this virtual account number, the subscriber may virtual accounts in this flow ? directly transfer funds to the Trustee Bank; this mechanism is referred to as the D-Remit process.

Upon receipt of funds whether through the BBPS network or the D-Remit process, the Trustee Bank informs the CRAs for onward processing and settlement.

The applicant’s Core Banking / transaction processing systems shall be capable of processing PG 83 transactions comprising a minimum Will be finalized with the selected entity.

13/27: of 5 structured data fields without data truncation or loss. - Which 5 data fields are being referred here.

Page 19 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification This is possibly a Finacle requirement? a. Is the TPS ask of 2000 time sensitive? Eg 2000 during evening Technology hours, lesser value during morning ANNEXUR Infrastructure & TPS is time sensitive.

84 22 hours etc.

E IV: Resilience, End to End TPS will be considered for evaluation. b. 2000 TPS ask is an acceptance Performance TPS or is it a processing TPS ? Is the load spiky in nature ? Virtual account number is the unique identification number generated by CRA while onbarding of any entity (Nodal office/POP) one time. The same number is used for enitity indetification under NPS and is to be linked with Trustee Bank collection account to received the fund directly from Nodal office/POP.

Virtual Accounts are to be created 85 4.2 (a) 7 by CRA or Trustee Bank For subscribers, there is an additional option wherein a virtual account number is created by the CRA and mapped by the Trustee Bank to the designated collection account.

Using this virtual account number, the subscriber may directly transfer funds to the Trustee Bank; this mechanism is referred to as the D-Remit process.

Page 20 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Any fund transfer to subscribers, instruction will be Any validations expected by Trustee

provided by CRA alongwith bank account details. Trustee 86 4.1 7 Bank on redemption to the Bank has to follow the banking rules and validation as per subcribers general banking.

Cut off for funds received via Virtual 87 4.3 (e) 5 8 Please refer table 4(a) of the RFP Account i.e time to be settled Handling of credits received on Any fund received on public holiday in collection account, 88 4.3 (e) 5 8 public holidays or Sunday the same will be considered for next settlement.

All front end for consumers will be 89 4.3 (b) 8 managed by NPS authority or Trustee Bank does not interact directly with subscribers.

Trustee Bank Does other intermediaries include Intermediaries are the entities registered with PFRDA 90 4.3 (b) 8 TSP registered with NPCI or PFRDA under NPS architecture. for AEPS/NACH services For contributions routed via TSP will 91 Table 4a 10 TB apply the same T+0/T+1 Please refer Table 4(a) of the RFP.

timelines, or extensions allowed List the exact 5 structured data 92 7.9 13 fields required. For TSPs integrating Will be finalized with the selected entity. via NACH/AEPS Must the NPS cell include dedicated 93 6.1 (C) 11 TSP integration support staff, or can Please refer Section 6 of the RFP.

TB leverage with existing systems

Provided API specifications for TID mapping and FRC upload. For TSP Annexure 94 22 handling high volume micro Will be shared with the selected entity.

IV contributions, what is minimum TPS capacity expected from TB Page 21 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Annexure Will the report formats include TSP 95 36 The format will be shared with the selected entity.

XII (31) specific metrics 96 General Clarity on the LIBOR margin Query not clear.

RFP is replacement of existing 97 General RFP is for the selection of new Trustee Bank. solution or new solution

1. Financial Proposal Quote It is noted that the financial quotes are expressed as “Repo Rate + Spread (e.g., 2.50%)”.

Clause Illustration: Evaluation Kindly confirm whether the For the purpose of evaluation, prevailing Repo rate on the

8.23, 8.24 of Proposals, relating to evaluation considers:

98 day of evaulation along with the margin quoted by the and Table the evaluation of the applicant(s) will be considered.

8(a) Financial Proposal The absolute interest rate prevailing on the date of financial bid opening, or Only the spread quoted over the RBI Repo Rate, irrespective of changes in the Repo Rate Page 22 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification Financial Score Calculation As per the illustration, when multiple bidders quote the same spread (Repo Rate + 2.50%), all bidders are

Clause Illustration: Evaluation awarded full financial marks (20).

8.23, 8.24 of Proposals, relating to 99 Please refer point IV under section 8 of the RFP. and Table the evaluation of the Kindly confirm whether, in such 8(a) Financial Proposal cases: All bidders with identical spreads will be assigned equal financial scores, and The final ranking will be determined solely based on the Technical Score Reference Repo Rate Please clarify which Repo Rate will For the purpose of evaluation, prevailing Repo rate on the be considered for evaluation day of evaulation along with the margin quoted by the

Clause Illustration: Evaluation

purposes: applicant(s) will be considered. Further, it may be noted

8.23, 8.24 of Proposals, relating to 100 that the Annual Fee as mentioned under Section 10 of RFP and Table the evaluation of the Repo Rate prevailing on the date of shall vary automatically with changes in the RBI Repo Rate 8(a) Financial Proposal financial bid opening, or during the period of engagement, with the quoted margin remaining constant.

Repo Rate prevailing on the date of award / commencement.

Page 23 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification The timings for remitting the Funds has been defined in the RFP note.

In case if there is any delay in Business remitting the contribution amount to Process Table 4(a) - Core the Pension funds or the withdrawal 101 Flow of 9 and 10 activities of Trustee Please refer note section under Table 4(a).

amount to the benificiary due to Trustee Bank system glitch/failure, Then is there Bank any provision to waive compensation in such exception cases.

The transfer of funds to Pension Funds (PFs) is part of the NPS settlement process, where the Trustee Bank acts based on instructions from CRA. Similarly, PFs receive In case of funds remitted to the Business instructions for the deployment of funds. Successful Pension Funds are Process settlement depends on timely execution by all parties. If rejected/returned(Due to any 102 Flow of 7 to 9 4.3 funds are rejected or returned and not received by the reason) then what shall be the Trustee PFs, the day’s settlement can not be completed. In such course of action by the Trustee Bank cases, the Trustee Bank and PFs must resolve the issue Bank.

operationally to ensure settlement is completed. As a matter of practice, PFs maintain control account (to receive/transfer of funds) with the Trustee Bank.

In case there is amount mismatch in Business TID and the funds remitted by the Process POP/Nodal offices then what shall The entire amount needs to be rejected. The Trustee Bank 103 Flow of 7 to 9 4.3 be the course of action by the should not proceed with partial settlement.

Trustee Trustee Bank. Whether trustee Bank Bank can proceed with partial funds OR entire amount needs to be rejected.

Page 24 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification In case of the withdrawal of subscriber contribution, the ANNEXUR applciations are submitted by the

E XII: Roles subscribers at CRA package and & funds are provided by the Pension Functional Funds are processed basis the instructions received from 104 Responsibil 35 to 37 Funds. So, In case if there is any

Responsibilities: CRA. ities of time lag between sharing of he Trustee information and Funds then whether Bank trustee Bank has to hold the fund of return/reject the funds due to non- receipt of benificiary information Since the Trustee Bank has to remit the funds to Pension Funds which is received from the POPs/Nodal Business offices and Transfer the funds to Process benificiaries and ASPs on the basis Trustee Bank has to transfer the funds to beneficiary/ASP 105 Flow of 9 and 10 4.3 of withdrawal requests received.

as per the instructions received from CRA.

Trustee In case if the withdrawals are higher Bank than the deposits (Contribution) then what shall be the provision for meeting with the shortfall amount in the Trustee Bank account.

The selected entity shall have all the necessary systems Whether bank has to develeop / procedures, infrastructure that may be required to enable 106 25 Software & Integration procure any additional Software/ or it to co-ordinate with other intermediaries.

banks existing CBS solution The selected entity should support exhange of information through any format including API, SFTP and file based.

Page 25 of 38Sr Reference Content of RFP Page No Query Department Response No Clause No. requiring clarification who are the entities for with 107 25 Software & Integration integration will be required and Please refer point 4.3 (b) of Section 4 of the RFP.

defintion of bulk means How reconcialation will happen. As Transaction ID (TID) generated by CRA is the primary per our understqanding transfer the identifier. For reconciliation, Transaction ID, virtual fund pool account to authorized 108 23 Reconciliation account number and amount can be used. Further, account needs to be happe, whar Trustee Bank may assign any other reference number for addtional reconcialation will be their own reconciliation or any other purposes requred.

At present, all the stakeholders i.e. Trustee bank, POPs, What it means for time time Nodal office, PFs are registered in the CRA system and 109 26 Real Time Dashboard dashbaord., what are facility require CRA has provided the access/dashboard based on their for that role. In future, the facility may also be required from the trustee bank.

Whether each entity have have to provide Virtul account numberand 110 26 Virtual Account Please refer response to Query 85. whether transaction will through cash management Page 26 of 38FRC Sample: <file xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"

xsi:noNamespaceSchemaLocation="bankcon.xsd"> <header> <creation-date>2023-10-12</creation-date> <bank-id>BNKXXX</bank-id> <batch-id>785151</batch-id> <num-regular-records>2</num-regular-records> <num-correction-records>0</num-correction-records> <num-pooled-records>0</num-pooled-records> <num-correction-pooled-records>0</num-correction-pooled-records> <num-trans-dtl-pooled-records>0</num-trans-dtl-pooled-records> <num-correction-trans-dtl-pooled-records>0</num-correction-trans-dtl- pooled-records> <total-amt-regular-records>4003900000.00</total-amt-regular-records> <total-amt-correction-records>0</total-amt-correction-records> <total-amt-regular-pooled-records>0</total-amt-regular-pooled-records> <total-amt-correction-pooled-records>0</total-amt-correction-pooled- records> <total-amt-regular-trans-dtl-pooled-records>0</total-amt-regular-trans-dtl- pooled-records> <total-amt-correction-trans-dtl-pooled-records>0</total-amt-correction- trans-dtl-pooled-records> </header> <records-details> <regular-record> Page 27 of 38<record-num>1</record-num> <pao-ain>1X076XX</pao-ain> <contribution-amount>4000300000.00</contribution-amount> <bsr-code>1111121</bsr-code> <date-submission>2023-09-28</date-submission> <transaction-id>XXXX0030581XX</transaction-id> </regular-record> <regular-record> <record-num>2</record-num> <pao-ain>1X076XX</pao-ain> <contribution-amount>3600000.00</contribution-amount> <bsr-code>1111121</bsr-code> <date-submission>2023-09-28</date-submission> <transaction-id>XXXX0030582XX</transaction-id> </regular-record> </records-details> </file> -----------------------------------XXX----------------------------------- Sample Pay-in for Trustee Bank:

<?xml version="1.0" encoding="UTF-8"?> <file> <file-header> <bank-id>BNKXXX</bank-id> Page 28 of 38<bank-name>Axis Bank Ltd</bank-name> <bank-account-number>1</bank-account-number> <bank-account-name>Settlement Account</bank-account-name> <payin-id>XXXX511194XX</payin-id> <payin-dt>2025-11-19</payin-dt> <total-records>28</total-records> <control-total-amount>47000.00</control-total-amount> </file-header> <fund-transfer> <ft-statement-details> <entity-id>PFMXXX</entity-id> <entity-name>SBI Pension Funds Private Limited</entity-name> <entity-type>PFMs</entity-type> <entity-bank-name>HDFC</entity-bank-name> <entity-account-number>XXXXXXXXXXXXXXX</entity-account-number> <entity-micr-code>400211088</entity-micr-code> <net-amount>1000.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PFMXXX</entity-id> <entity-name>UTI Pension Fund Limited</entity-name> <entity-type>PFMs</entity-type> <entity-bank-name>ICICI</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400211088</entity-micr-code> Page 29 of 38<net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PFMXXX</entity-id> <entity-name>LIC Pension Fund Limited</entity-name> <entity-type>PFMs</entity-type> <entity-bank-name>KOTAK</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400211088</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PFMXXX</entity-id> <entity-name>Kotak Mahindra Pension Fund Limited</entity-name> <entity-type>PFMs</entity-type> <entity-bank-name>RELIANCE</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400211088</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PFM007</entity-id> Page 30 of 38<entity-name>ICICI Prudential Pension Funds Management Company Limited</entity- name> <entity-type>PFMs</entity-type> <entity-bank-name>LIC</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400211088</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PFMXXX</entity-id> <entity-name>HDFC Pension Management Company Limited</entity-name> <entity-type>PFMs</entity-type> <entity-bank-name>UTI</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400211088</entity-micr-code> <net-amount>45000.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PFM0XXX</entity-id> <entity-name>Aditya Birla Sunlife Pension Fund management Limited</entity-name> <entity-type>PFMs</entity-type> <entity-bank-name>STATE BANK OF INDIA</entity-bank-name> <entity-account-number>12345</entity-account-number> <entity-micr-code>712002102</entity-micr-code> Page 31 of 38<net-amount>1000.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PFMXXX</entity-id> <entity-name>DSP Pension Fund Managers Private Limited</entity-name> <entity-type>PFMs</entity-type> <entity-bank-name>AXIS BANK</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400211002</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>ASPXXX</entity-id> <entity-name>SBI Life Insurance Co. Ltd</entity-name> <entity-type>ASPs</entity-type> <entity-bank-name>SBI</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400002002</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>ASPXXX</entity-id> <entity-name>HDFC Life Insurance Co. Ltd.</entity-name> Page 32 of 38<entity-type>ASPs</entity-type> <entity-bank-name>HDFC</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400240015</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>ASPXXX</entity-id> <entity-name>ICICI Prudential Life Insurance Co. Ltd</entity-name> <entity-type>ASPs</entity-type> <entity-bank-name>ICICI</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400229002</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>ASPXXX</entity-id> <entity-name>Life Insurance Corporation of India</entity-name> <entity-type>ASPs</entity-type> <entity-bank-name>HDFC</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400240015</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> Page 33 of 38</ft-statement-details> <ft-statement-details> <entity-id>WACXXX</entity-id> <entity-name>WITHDRAWAL ACCOUNT</entity-name> <entity-type>WAC</entity-type> <entity-bank-name>AXIS BANK</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>400211088</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> <ft-statement-details> <entity-id>PNLXXX</entity-id> <entity-name>PFRDA Subscriber Education AND Protection Fund</entity-name> <entity-type>PNL</entity-type> <entity-bank-name>AXIS BANK</entity-bank-name> <entity-account-number> XXXXXXXXXXXXXXX </entity-account-number> <entity-micr-code>110211051</entity-micr-code> <net-amount>0.00</net-amount> <Receive_Transfer>T</Receive_Transfer> </ft-statement-details> </fund-transfer> </file> -----------------------------------------------XXX---------------------------------------- Page 34 of 38Reconciliation Sample:

<?xml version="1.0" encoding="UTF-8" ?> <recon-file xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"

xsi:noNamespaceSchemaLocation="ReconSchema.xsd"> <bank-recon-dtl> <bank-id>BNKXXX</bank-id> <bussiness-date>2017-02-17</bussiness-date> <account-type>ST</account-type> <closing-balance>0.00</closing-balance> </bank-recon-dtl> </recon-file> Page 35 of 38Subscriber Contribution File (SCF) - All Citizen Model POP POPSP Registration Subscribers Tier1 Subscribers Tier2 Subscribers Total SN Registration No No PRAN contribution amount contribution amount contribution amount Receipt Number Page 36 of 38Subscriber Contribution File (SCF) - Corporate Model CHO CBO Reg Contribution Contribution Contribution SN PRAN EmployerContribution EmployeeContribution Totalcontributionamount Remarks Registration No No Type Month Year Page 37 of 38Tentative List of reports/MIS data Sl. Report Frequency Timeline Submitted to 1 Account Statement Daily Daily NPS Trust 2 Account Statement Monthly Within 5 days from the end of the NPS Trust month 3 Closing Balance Report Daily Daily PFRDA 4 Average Balance Report Daily Daily NPS Trust 5 Average Balance Report Weekly Every Tuesday NPS Trust 6 Rejection and Return MIS Daily Daily NPS Trust 7 Consolidated collection report Weekly Every Tuesday NPS Trust 8 Withdrawal MIS Report Monthly Within 10 days from the end of NPS Trust the month 9 MIS collection / Rejection of Monthly Within 10 days from the end of NPS Trust Remittance the month 10 Closing Balance Confirmation of Monthly Within 10 days from the end of NPS Trust NPS Trust Accounts the month 11 Format of Performance Report and Monthly Within 10 days from the end of NPS Trust deviations from Trustee Bank the month 12 Concurrent Audit Report Quarterly Within 30 days from the end of NPS Trust (By Trustee Bank appointed auditor) the quarter 13 Annual audit Report Annual Be audit ready within 45 days NPS Trust (By NPS Trust appointed auditor) from the end of the Financial year 14 Statutory Auditor Certificate Annual Within 45 days from the end of NPS Trust FY 15 Internal Audit Report from As per Within 10 days of publishing final NPS Trust Independent Auditor Internal report Audit Guidelines 16 Compliance Certificate Annual Within 45 days from the end of NPS Trust (In the formats specified separately FY by PFRDA and NPS Trust) 17 Addition of new branch / Closure of Within a Within a month NPS Trust existing branch month 18 Bio-data of all Directors along with Within 15 Within 15 days of appointment NPS Trust their interest in other companies days of appointment 19 Any change in the interests of Half-yearly Within 30 days from the end of NPS Trust Directors HY 20 Compliance Certificate Annual Within 60 days from the end of PFRDA FY 21 Cyber Security compliance Annual Within 30 days from the end of PFRDA FY 22 Adhoc Reports As per the As per the Direction PFRDA and or Direction NPS Trust as advised Page 38 of 38