India allows banks to sponsor pension funds under NPS
The Economic Times·2026-01-01 11:57
The Pension Fund Regulatory and Development Authority (PFRDA), which oversees assets worth more than $177 billion, said in a statement on Wednesday that it had given in-principle approval for banks to independently set up pension funds to manage the NPS, subject to eligibility norms aligned with the Reserve Bank of India's guidelines. Banks will have to meet eligibility criteria linked to net worth, market capitalisation, and prudential soundness, it added. Currently, banks serve as points of presenc ...