<h1>NPS reforms permit banks to sponsor pension funds, revise fees, and mandate a small outreach levy for intermediaries.</h1> PFRDA has approved a framework permitting Scheduled Commercial Banks to sponsor Pension Funds subject to eligibility criteria aligned with prudential banking norms; it revised the slab-based Investment Management Fee for Government and Non-Government subscribers effective 1 April 2026, kept the Annual Regulatory Fee at 0.015% of AUM, and earmarked 0.0025% of AUM to the Association of NPS Intermediaries for outreach.