The Pension Fund Regulatory and Development Authority (PFRDA) on Thursday permitted banks to independently set up pension funds to manage the government’s flagship The PFRDA board “has approved, in principle, 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, enhancing competition and safeguarding subscriber interests,” the regulator said in a statement.Under the proposed framework, PFRDA sai ...