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Pension Fund Authority Allows Banks to Manage NPS Funds Independently

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New Delhi, Jan 1 (IANS) The Pension Fund Regulatory and Development Authority’s (PFRDA) board has approved a framework to permit Scheduled Commercial Banks (SCBs) to independently set up Pension Funds to manage NPS, with the objective of strengthening the pension ecosystem, it was announced on Thursday.This will enhance competition and safeguard subscriber’s interests.The proposed framework seeks to address existing regulatory constraints that had limited bank participation till now, said Mini…