Govt. of India has introduced the National Pension System (NPS) for Govt. employees w.e.f January 1, 2004, which covers new entrants to Central Government services (excluding Armed Forces) and some State Government services. With the objective of promoting old age income security among all citizens, Govt. of India has now made NPS available to all citizens of India, other than Govt. employees w.e.f May 1, 2009 on a voluntary basis.
Pension Fund Regulatory and Development Authority (PFRDA), the regulator for the NPS, is responsible for registration of various intermediaries in the system such as Central Record Keeping Agency (CRA), Pension Funds, Custodians, NPS Trustee Bank, etc.