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Error Rectification module is used when incorrect credit has been provided in a subscriber's PRAN. Errors might occur during the contribution upload by Nodal Offices or in acknowledgement of funds receipt by Trustee Bank. The purpose of Error Rectification Module is to enable rectification of these errors by the Nodal Offices or Trustee Bank directly in the CRA system.
1. Excess Transfer (Excess Amount Transferred to PRAN).
2. Source to Target PRAN (Transfer to PRAN 1 instead of PRAN 2).
3. Non-NPS Rectification (only for Government/Corporate sector).
4. Period Rectification.(Change in Month/year)
5. Amount Rectification.(Employer/Employee Contribution)
Error Rectification will be an activity with Maker-Checker-Authorizer concept. The uploading office i.e., PAO/DTO has to put in a request in the CRA system.The request would be authorized by the overseeing office (PrAO/DTA) before it is accepted at CRA for processing. Once the request is authorized by the PrAO/DTA CRA processes the request in system
In case Nodal office has uploaded excess amount for a PRAN, Excess Transfer Functionality can be used to recover the excess amount credited in the PRAN. Units will be calculated for the excess amount transferred based on the NAV when incorrect amount was credited. Such units will be redeemed from the subscriber’s PRAN and on receipt of funds by Trustee Bank, amount will be transferred to Nodal office registered bank account
In case Nodal office has uploaded contribution of a PRAN in another PRAN, ‘Source to Target PRAN’, this functionality can be used to adjust the error. Units will be calculated on the excess amount transferred based on the NAV when incorrect amount was credited. If scheme preference of both the PRANs were identical (at the time of erroneous credit and at the time of rectification), equivalent units from the source PRAN (PRAN 1) will be debited and will be credited to the target PRAN (PRAN 2). In case the subscribers' scheme ratios are not identical (at the time of erroneous credit or at the time of rectification) then units equivalent to the excess amount transferred amount will be redeemed from the source PRAN and the redeemed amount will be re-invested in target PRAN as per the scheme ratio of target PRAN.
In case, PAO/DTO has inadvertently allotted a PRAN for Non-NPS subscriber and also transferred the amount in the CRA system, this functionality can be used to recover the amount and close the PRAN of non-nps subscriber. In this case all the units will be redeemed from the subscriber PRAN and funds will be transferred to Nodal office registered bank account.
PAO/DTO might have inadvertently given incorrect period while uploading the contribution file. As the amount is already credited to PRAN, correction file cannot be uploaded by the PAO/DTO. In such cases, PAO/DTO has to put the request for rectification of entry in ‘Error Rectification Module’.
If Office has uploaded incorrect employer contribution or employee contribution, however, the total contribution for a subscriber is correct, then amount rectification functionality can be used to rectify the error. For example, if total Contribution of Rs. 8,000 for a subscriber. However, inadvertently, office has uploaded contribution of Rs. 2,000 as subscriber contribution and Rs. 6,000 as Government contribution instead of Rs. 4,000 each for Subscriber contribution and Government Contribution. In such scenario, amount rectification functionality can be used to rectify the error. In such cases, PAO/DTO can use the functionality ‘Amount Rectification’ to rectify the error.
The Nodal Office user has to login into CRA system https://cra.karvy.com to view the status of request captured/authorized by him/her.
User will be required to provide the Acknowledgement ID/Date Range/Request Type/PRAN to view the status of a rectification request.
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