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PFRDA allows banks to set up pension funds to manage NPS
Business Standard
|January 02, 2026
New framework seeks to remove regulatory constraints
The Pension Fund Regulatory and Development Authority (PFRDA) has in principle approved a new framework aimed at strengthening the pension ecosystem, allowing Scheduled Commercial Banks (SCBs) to independently sponsor funds for managing National Pension System (NPS) assets.
The proposed framework seeks to remove regulatory constraints that had so far limited banks’ participation in pension fund management, while ensuring adequate safeguards for subscribers, according to a statement issued by PFRDA.
Last November, the PFRDA Chairman $ Ramann had said that two banks had submitted applications to start pension funds. At present, there are 10 pension funds registered under PFRDA.
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