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 ...