PFRDA opens the door for scheduled banks to set up pension funds, reshaping the National Pension System from 2026 Representational pic In a significant reform aimed at widening pension coverage, the Pension Fund Regulatory and Development Authority (PFRDA) has approved a new framework that allows eligible scheduled commercial banks to independently establish pension funds and act as sponsors under the National Pension System (NPS). Until now, NPS pension funds have been spons