India's pension regulator, PFRDA, has approved a new framework allowing eligible Scheduled Commercial Banks to independently set up and manage pension funds for the National Pension System (NPS). This move aims to enhance competition, strengthen the pension ecosystem, and safeguard subscriber interests by addressing previous regulatory constraints on bank participation. Banks must meet specific eligibility criteria related to net worth and financial soundness, aligned with RBI norms. The PFRDA has also revised the Investment Management Fee structure effective April 1, 2026, and appointed new trustees to the NPS Trust Board.