New Delhi, Jan. 1 -- In a major policy move aimed at strengthening India's pension ecosystem, the Pension Fund Regulatory and Development Authority (PFRDA) has approved a series of reforms to promote sustainable growth of the National Pension System (NPS).

The reforms, announced on Thursday, focus on widening participation, improving governance, and safeguarding subscriber interests amid the expanding formalisation of the financial sector

A key highlight of the reform package is the proposal to allow Scheduled Commercial Banks (SCBs) to independently set up Pension Funds for managing NPS.

"PFRDA 's board has approved, in principle, a framework to permit Scheduled Commercial Banks (SCBs) to independently set up Pension Funds to manage N...