In a statement, the regulator said the PFRDA board has cleared a framework to permit banks to set up and sponsor pension funds for managing NPS assets, with the objective of strengthening the overall Banks seeking to sponsor pension funds will be required to meet “clearly defined” eligibility criteria based on parameters such as net worth, market capitalisation and prudential soundness, aligned with norms prescribed by the According to PFRDA, this will ensure that only well-capitalised and systemically rob ...

Representational image "PFRDA board has approved, in principle, a framework to permit banks to independently set up pension funds to manage NPS, with the objective of strengthening the pension ecosystem. This shall enhance competition and safeguard subscriber's interests," said PFRDA in a statement. Banks willing to sponsor these funds will have to meet a 'clearly defined' eligibility criteria based on net worth, market capitalisation and prudential soundness, aligned with RBI norms. "(It will) ensure tha ...