New Delhi, Jan. 1 -- The Pension Fund Regulatory and Development Authority (PFRDA) has approved a series of policy reforms aimed at strengthening the National Pension System (NPS), enhancing competition and safeguarding subscriber interests, the regulator said on Thursday.
In a key decision, the PFRDA Board has given in-principle approval to a framework that will allow Scheduled Commercial Banks (SCBs) to independently set up Pension Funds (PFs) to manage NPS assets. The move is expected to deepen the pension ecosystem by widening participation and increasing competition.
The framework addresses earlier regulatory constraints that had limited bank participation and introduces clearly defined eligibility criteria based on net worth, market...