The Pension Fund Regulatory and Development Authority (PFRDA) has updated the investment guidelines for the National Pension System (NPS) to allow NPS investments in rupee-denominated bonds issued by the New Development Bank (NDB).
The guidelines which came into effect from May 13, 2026, will apply to both government and private sector NPS investments. This is a change from the policy where NPS funds could invest only in rupee-denominated bonds issued by the International Bank for Reconstruction and Development, the International Finance Corporation and the Asian Development Bank.