India's Pension Fund Regulatory and Development Authority (PFRDA) has approved reforms to strengthen the National Pension System (NPS). A key change allows Scheduled Commercial Banks (SCBs) to independently set up and manage pension funds for NPS, aiming to boost competition and subscriber interests. Eligibility criteria for banks will be based on net worth and market capitalization, aligned with RBI norms. The PFRDA also appointed three new trustees to the NPS Trust board, including former SBI chairman Dinesh Kumar Khara as chairperson.