PFRDA introduces policy reforms to promote sustainable growth of NPS

• On 1 January 2026, PFRDA's Board cleared a package of reforms — bank-sponsored Pension Funds, a revised Investment Management Fee (IMF), three new NPS Trust trustees, and an AUM-share to the Association of NPS Intermediaries (ANI).
• The reforms target deeper competition, lower costs, and wider outreach in India's voluntary defined-contribution pension architecture.
• Aspirants must link the reforms to PFRDA Act, 2013, the regulator's developmental mandate, and India's broader pension-coverage gap.