Request for Proposal for selection of Trustee Bank under NPS Architecture

REQUEST FOR PROPOSAL FOR SELECTION OF TRUSTEE BANK UNDER NPS ARCHITECTURE RFP Reference Number PFRDA/TB/2025-26/01 Date of Issuance 5th January 2026 Name of the Organization Pension Fund Regulatory and Development Authority (PFRDA) Address of the Organization E-500, 5th Floor, Tower E, World Trade Centre, Nauroji Nagar, New Delhi – 110029 Website www.pfrda.org.in Page 1 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture TABLE OF CONTENTS 1. NOTICE INVITING PROPOSALS ......................................................................................................................... 5 2. SCHEDULE OF EVENTS ...................................................................................................................................... 5 3. INTRODUCTION ................................................................................................................................................... 7 4. BUSINESS PROCESS FLOW OF TRUSTEE BANK ............................................................................................. 7 5. STATISTICAL OVERVIEW ................................................................................................................................. 10 6. MINIMUM OPERATIONAL REQUIREMENTS FOR TRUSTEE BANK ............................................................... 11 7. ELIGIBILITY CRITERIA ...................................................................................................................................... 12 8. RFP PROCESS ................................................................................................................................................... 13 9. PFRDA’S RIGHT TO ACCEPT OR REJECT ANY OR ALL PROPOSALS .......................................................... 18 10. ANNUAL FEE ...................................................................................................................................................... 18 11. TERMS OF APPOINTMENT OF TRUSTEE BANK ............................................................................................. 18 12. INTERPRETATION ............................................................................................................................................. 19 13. DISPUTE RESOLUTION ..................................................................................................................................... 19 ANNEXURE I: PRE-BID QUERY ................................................................................................................................ 20 ANNEXURE II: TECHNICAL PROPOSAL COVERING LETTER ................................................................................ 20 ANNEXURE III: APPLICANT DETAILS ...................................................................................................................... 21 ANNEXURE IV: TECHNICAL EVALUATION PARAMETERS AND DOCUMENTS CHECKLIST .............................. 22 APPENDIX I .................................................................................................................................... 28 APPENDIX II ................................................................................................................................... 30 APPENDIX III .................................................................................................................................. 30 ANNEXURE V: DECLARATION ON BRANCH NETWORKING ................................................................................. 30 ANNEXURE VI: UNDERTAKING ON TECHNOLOGICAL COMPATIBILITY ............................................................ 31 ANNEXURE VII: DECLARATION ON TRANSACTION DATA FIELD HANDLING CAPACITY ................................ 32 ANNEXURE VIII: FINANCIAL PROPOSAL COVERING LETTER ............................................................................. 32 ANNEXURE IX: FORMAT FOR SUBMITTING FINANCIAL PROPOSAL .................................................................. 34 ANNEXURE X: FORMAT FOR PROVIDING EXPLANATIONS FOR DEVIATIONS IF ANY ..................................... 34 ANNEXURE XI: INDEXING OF PROPOSAL .............................................................................................................. 35 ANNEXURE XII: ROLES & RESPONSIBILITIES OF TRUSTEE BANK ..................................................................... 35 Page 2 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture ABBREVIATIONS API Application programming interface APY Atal Pension Yojana ASP Annuity Service Provider BBPS Bharat Bill Payment System (Bharat Connect) CoR Certificate of Registration CRA Central Recordkeeping Agency DDO Drawing and Disbursement Officer DTA Directorate of Treasuries and Accounts DTO District Treasury Office FRC Fund Receipt Confirmation GoI Government of India IFSC Indian Financial System Code NACH National Automated Clearing House NPCI National Payments Corporation of India NPS National Pension System NPS Trust National Pension System Trust NPSCAN NPS Contributions Accounting Network PAO Pay and Accounts Officer PF Pension Fund PFRDA Pension Fund Regulatory and Development Authority (or the Authority) PoP Point of Presence PrAO Principal Accounts Office RFP Request for Proposal SCF Subscriber Contribution File TB Trustee Bank TID/TRAN ID Transaction Identity UPS Unified Pension Scheme Page 3 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture DISCLAIMER 1. The information contained in this RFP is selective and is subject to update, expansion, revision, or amendment at the sole discretion of PFRDA, and any information subsequently furnished in any form by or on behalf of PFRDA shall be deemed to be part of this RFP. 2. This RFP is not an offer by PFRDA but an invitation to receive proposals from interested and eligible applicant(s) for selection of Trustee Bank under NPS Architecture. 3. This RFP is published having regard to PFRDA (Trustee Bank) Regulation, 2015 (as amended) (hereinafter referred as “TB Regulations”) which prescribe the eligibility criteria, governance framework, organizational structure, and operational standards for Trustee Banks, and require the establishment of robust internal systems to ensure regulatory compliance and protection of the interests of subscribers to pension schemes regulated by the Authority. Trustee Bank under the PFRDA Act, 2013 means a banking company as defined under the Banking Regulations Act, 1949. 4. The entity selected as Trustee Bank shall be required to comply with the provisions of the PFRDA Act, 2013, the regulations notified by the Authority including TB Regulations, and all other guidelines, directions, and instructions issued by the Authority from time to time, including the terms and conditions stipulated in this RFP and the Certificate of Registration granted by the Authority. 5. The purpose of this RFP is to provide the interested applicant(s) with information to assist them in preparation of their proposals. This RFP does not claim to contain all the information that each applicant may require. Each applicant should conduct independent assessment and analysis, and should check the accuracy, reliability and completeness of the information contained in this RFP and where necessary obtain independent advice/clarifications, at their own cost. PFRDA may in its absolute discretion, but without being under any obligation to do so, update, amend or supplement the information in this RFP to get the best proposal. 6. PFRDA, or any of its officers or employees, or any of their advisers/consultants makes no representation or warranty and shall have no liability to any person, including any applicant under any law, statute, rules or regulations or tort, principles of restitution or unjust enrichment or otherwise for any loss, damages, cost or expense which may arise from or be incurred or suffered on account of anything contained in this RFP or otherwise, including the accuracy, adequacy, correctness, completeness or reliability of the RFP and any assessment, assumption, statement or information contained therein or deemed to form or arising in any way for participation in this process by applicant(s). 7. PFRDA accepts no liability of any nature whether resulting from negligence or otherwise, howsoever caused from reliance of any applicant upon the statements contained in this RFP. 8. Applicants are presumed to have examined all instructions, forms, terms, and specifications in this RFP along with the eligibility conditions as mentioned under respective sections of this RFP. Failure to furnish all information required under this RFP or to submit a proposal not substantially responsive to this RFP in all respect will be at applicant’s risk and may result in rejection of the proposal. Applicant shall have an obligation to disclose all material facts in relation to itself which may have a potential bearing on its competence to get appointed as Trustee Bank. 9. PFRDA reserves the right to cancel the selection process at any stage, prior to the appointment, without any liability owed to any party. This RFP is being issued with no financial commitment and PFRDA reserves the right to withdraw the RFP and change or vary any part thereof or foreclose the same at any stage. 10. This RFP document shall not be transferred, reproduced, or otherwise used for purpose other than for which it is specifically issued. 11. Pursuant to this RFP process, PFRDA reserves the right to select one or more Trustee Bank, as it may deem appropriate. Page 4 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 1. Notice Inviting Proposals 1.1. The Pension Fund Regulatory and Development Authority (PFRDA) invites proposals from eligible entities for the selection as Trustee Bank under the National Pension System (NPS) architecture. 1.2. The purpose of floating this RFP is to seek a detailed proposal comprising of technical and financial proposals from the interested applicant(s)/entities desirous of obtaining a CoR from the PFRDA for functioning as Trustee Bank. The selected entity shall comply with the provisions of the PFRDA Act, 2013, the TB Regulations, and all relevant guidelines and instructions issued by PFRDA from time to time. 1.3. Applicants are requested to carefully go through this RFP and submit their proposals in accordance with the prescribed instructions after assessing their eligibility and preparedness to undertake the roles and responsibilities of Trustee Bank. 1.4. The selection of the Trustee Bank and its registration shall be done in terms of this RFP process and strictly in accordance with Chapter II of the TB Regulations. Therefore, the applicants are required to assess the eligibility criteria and abreast themselves of the responsibilities, obligations and the code of conduct as laid down under the said regulations. 2. Schedule of Events The expected schedule of events and other details for the purpose of this RFP is outlined below: Table 2.1 Sl. Particulars Details 1 Application Fee ₹10,00,000/- (Rupees ten lakh only) plus GST @18% as applicable that is ₹11,80,000/- (Eleven lakh and eighty thousand only). Application fee (Non-refundable) to be transferred electronically to PFRDA designated Bank Account as given in this schedule by the applicant(s). 2 Registration Fee ₹25,00,000/- (Rupees twenty-five lakh only) plus GST @18% as applicable that is ₹29,50,000/- (Twenty-nine lakh and fifty thousand only). Registration fee (Non-refundable) to be transferred electronically to PFRDA designated Bank Account as given in this schedule by the entity selected as Trustee Bank. 3 Date of issuance of RFP 5th January 2026 (Monday) 4 Last date for submission of pre- 12th January 2026 (Monday) up to 6:00 PM bid queries 5 Email IDs on which pre-bid gurminder.kaur@pfrda.org.in queries are to be sent millind.khandate750@pfrda.org.in naveenbalu.ks@pfrda.org.in 6 Date, Time, and Venue of Prebid 14th January 2026 (Wednesday) at 03:00 PM Meeting Venue: Pension Fund Regulatory and Development Authority (PFRDA), E-500, Tower E, 5th Floor, World Trade Centre, Nauroji Nagar, New Delhi-110029. 7 Date of publishing response to 16th January 2026 (Friday) Page 5 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture pre-bid queries on PFRDA’s website 8 Proposal Submission Start Date 6th January 2026 (Tuesday) 9 Proposal Submission End Date 6th February 2026 (Friday) up to 3:00 PM and Time 10 Address for Submission of The Head of the Department, proposal Regulation Process Management (Trustee Bank) Department, (via speed or registered post/in Pension Fund Regulatory and Development Authority person - To be submitted in the (PFRDA), tender box located at the E-500, Tower E, 5th Floor, World Trade Centre, reception of PFRDA office) Nauroji Nagar, New Delhi-110029. 11 Technical proposal Opening Date 6th February 2026 (Friday) at 3:30 PM and Time 12 Presentation by the applicant(s) To be communicated at a later stage to the applicant(s) satisfying the eligibility criteria. 13 Financial proposal Opening To be communicated to the technically qualified applicant(s) Date and Time at later stage. 14 Issue of Letter of After approval by the Competent Authority Appointment (LoA) to the successful applicant(s) 15 Proposal Validity 180 Days from the proposal submission end date 16 PFRDA Bank Account details Beneficiary Name: Pension Fund Regulatory and Development Authority Bank Name: Indian Overseas Bank Branch Name: F-75, Poorvi Marg, Vasant Vihar Branch, New Delhi-110057 Account No: 159901000000855 IFS Code: IOBA0001599 17 PFRDA GSTIN 07AAALP0291L1ZU Note: PFRDA reserves the right to revise any date and/or time specified in the schedule of events above by notifying the changes on its official website and/or through email communication to the applicant(s). While reasonable efforts will be made to inform the same through other means, applicants are advised to regularly check the PFRDA website for updates, in their own interest. Page 6 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 3. Introduction 3.1 The Pension Fund Regulatory and Development Authority (PFRDA), established under the PFRDA Act, 2013, is mandated to promote old age income security by establishing, developing, and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto. PFRDA regulates/administers the National Pension System (NPS) including Unified Pension Scheme (UPS), NPS-Lite-Swavalamban, and Atal Pension Yojana (APY). As of 14th December, 2025 NPS, architecture had 9.20 crore subscribers with ₹16.53 lakh crore assets under management across various pension schemes/sectors, reflecting steady growth. 3.2 PFRDA has established an unbundled NPS architecture, operationalized through various intermediaries such as Central Recordkeeping Agencies (CRAs), Pension Funds, Custodian, Points of Presence, Trustee Bank, etc. each possessing domain-specific expertise. PFRDA, being the Regulator, is entrusted with the registration and regulation of these intermediaries in the NPS architecture and is also responsible for monitoring their performance and ensuring compliance with the relevant Act, regulations, circulars, and guidelines. For understanding the detailed functions of each intermediary, applicant(s) may visit the website of PFRDA. 4. Business Process Flow of Trustee Bank 4.1 Under NPS architecture, Trustee Bank is entrusted with the responsibility of receiving subscribers’ contributions (funds) from Nodal Offices, Points of Presence (PoPs), and subscribers; identifying and reconciling these contributions; and ensuring their onward transfer to the Pension Funds (PFs) in accordance with the instructions received from CRAs. Additionally, Trustee Bank is responsible for receiving redemption proceeds from PFs and crediting them to the respective ASPs and/or subscribers as instructed by CRAs. 4.2 The contributions credited to the designated accounts of NPS Trust maintained with Trustee Bank are being received, at present, from the following sources: a) Contributions from Nodal Offices and PoPs: Nodal Offices / PoPs generate Subscriber Contribution Files (SCF) from the CRA system, with each file containing a unique Transaction ID (TID). Contributions corresponding to the SCF are remitted to the designated NPS Trust account maintained by Trustee Bank, via virtual account mapped to each Nodal Office/PoP ID in the CRA system, using various payment systems including IMPS, NEFT, RTGS, NACH, other electronic modes, cheques, demand draft or direct account transfers etc. b) Contributions directly from subscribers: i) Subscribers may contribute through online portals managed by CRAs, using Payment Gateway Service Providers (PGSPs). PGSPs share the contribution file with CRA, which then uploads it into the system for fund receipt confirmation by the Trustee Bank; or ii) Subscribers has the option to generate a unique Virtual Account Number (VAN) from the CRA system, and transfer funds via NEFT/RTGS/IMPS to the Trustee Bank using a designated IFSC. Funds are credited to the corresponding virtual account linked to the NPS Trust Account in the Trustee Bank’s system; or iii) Subscribers may use Customer Operating Unit (COU) interfaces to remit contributions via Bharat Bill Payment System (BBPS) (now Bharat Connect). Funds are settled through NPCI’s Page 7 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture centralized infrastructure into the NPS Trust Account. The Trustee Bank acts as a Biller Operating Unit (BOU) under the BBPS framework. c) Any other modes/fund transfer procedure as may be stipulated by the PFRDA from time to time, in line with the regulatory requirements and evolving technological landscape. 4.3 In line to the extant TB Regulations, the applicant on selection of Trustee Bank shall be required to establish linkages with other intermediaries to ensure and maintain continuity of the existing business process flow and carry out inter-alia the following activities: a) Trustee Bank shall establish necessary system and procedure in order to reconcile and facilitate transfer of contributions received through various modes to the respective stakeholders under NPS Architecture within the prescribed timelines. b) Trustee Bank shall ensure seamless operational and technological integration with various intermediaries including CRAs, PoPs, and others. It shall establish secure, encrypted, and real-time data exchange mechanisms, such as APIs etc., to and from CRAs and other intermediaries. This includes allowing a unique ‘Transaction Identity’ generated by CRAs for every transaction to be validly recognizable throughout the complete transaction trail. c) Trustee Bank shall open multiple designated accounts in the name of NPS Trust, for various pension schemes under NPS architecture regulated by the PFRDA. These accounts inter alia include accounts for collection of contributions from Central Government, State Governments, settlement accounts, withdrawal accounts, etc., across all registered CRAs. d) For services through its branches, Trustee Bank shall utilize its nationwide branch network to facilitate services to various stakeholders including Nodal Offices (PAOs, DDOs, DTOs), PoPs etc. Contributions received at different branches shall be consolidated at the designated Nodal Branch of the Trustee Bank. e) The core operational activities of Trustee Bank are as under: i) Receipt and identification/reconciliation of contributions from Nodal Offices, PoPs, and subscribers under the pension schemes regulated/administered by PFRDA, capturing relevant unique ‘Transaction IDs’ and tagging details required for further processing. ii) Download / Receipt of Entity Master File, Transaction ID Master File, Virtual Account numbers of subscriber and their incremental files from CRA systems for verification/mapping in Trustee Bank system. iii) Confirm fund receipt in CRA system for generation of Transaction IDs, where contributions are received directly from subscribers. iv) Registration of mandates onto NACH platform, and debit of bank account of nodal offices/PoPs for collection of contributions under NACH mode. v) For the reconciled funds, transmission of Fund Receipt Confirmation (FRC) instructions / upload of FRC files onto the CRA system. vi) Download / Receipt of pay-in instructions from CRA systems and processing the same. vii) Transfer of funds in accordance with pay-in instructions of CRA to Pension Funds. viii) Confirmation of funds in CRA system in cases where funds are to be received on a net basis from PFs because of higher redemption. ix) Return of unidentified funds to the concerned remitter bank of the Nodal Office/PoP, coordinating with them for same-day intimation, error reason, and guidance for rectification. x) Execution of withdrawal fund transfer basis instructions from CRAs for payment to ASPs and subscribers. Page 8 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture xi) Upload of closing balances of NPS Trust accounts maintained by Trustee Bank onto the CRA system. xii) Reconciliation of balances in all CRA-linked accounts maintained by Trustee Bank with CRA records. xiii) Sharing the details with CRA in respect of returned funds/remittances into the bank account of Trustee Bank at the time of Exit/withdrawal/partial withdrawals/error rectification etc. of the subscribers or from any intermediary/nodal offices due to any reason and coordinate with CRA for revised correct bank details for re-initiation of fund transfer to the correct bank account of the subscribers/Nodal offices/ASPs/PoP/any intermediary. xiv) Separate account management for various sectors/modes (Central Government, State Government, Private Sector, NPS-Lite, APY, etc.) and maintenance of transaction-level audit trails for each such account. xv) Deployment of dedicated service teams, stringent internal controls, and strict adherence to PFRDA-specified turnaround times. xvi) Periodic submission of reports to PFRDA/NPS Trust/CRA including parameters viz. Account- wise balances, Fund receipt and transfer status, Identified/unidentified/unmatched funds status, Sector-wise unmatched funds report, Withdrawal account balances or any other reports as may be prescribed. f) Trustee Bank shall ensure that its systems and processes are capable of adapting to changes arising from factors such as technological advancements, expansion in contribution receipt mechanisms, growth in subscriber base, introduction of new pension schemes or sectors, etc. and any additional roles and responsibilities as may be assigned by PFRDA or NPS Trust from time to time. g) The business activities of Trustee bank are linked with the other processes at CRAs. Therefore, bank shall ensure that the activities are completed before the timeline specified. The following table outlines the indicative core functions and corresponding timelines for Trustee Bank at present: Table 4(a) - Core activities of Trustee Bank Sl. Nature of Activity Cut-off Time Day 1 Upload/Transmission of Fund receipt 11:45 am T# (Daily) confirmation (For fund realized from 12:01 am till 11:00 am) Upload/Transfer of Fund receipt 10:00 am T+1 (Daily) confirmation (For fund realized from 11:01 am till 12:00 night) 2 Transfer of matched and booked Within 25 minutes Daily funds to PFs from receipt/download (Pay-in processing) of pay-in file* 3 Return of unidentified funds End of the day T+1 (Day) 4 Confirmation of transfer of Funds to 1.30 pm Daily PFs 5 Transfer of withdrawal funds End of the Day Daily (WAC file processing) Page 9 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 6 Upload/ Transmission of statements End of the Day Daily and closing balance of various accounts onto CRA *CRA provides pay-in file by 12:30 pm #T is the date of funds realization at TB Note: I. #Cut-off / Settlement time & date are indicative. Based on the advancement in technology, applicable electronic remittance system, and allowed clearing/electronic clearing cycle etc., the timelines may further be improved as per instruction of the PFRDA. II. Non-compliance of the timelines as specified by the PFRDA may require compensation to be paid as may be specified from time to time. In case of failure to meet the required timelines, the Trustee Bank is required to pay RBI Repo Rate plus two percent per annum or notional loss incurred by the subscribers due to such delay, whichever is higher, as compensation. h) The detailed roles & responsibilities of Trustee Bank on various aspects may be referred at Annexure XII of this RFP. 5. Statistical Overview 5.1. The following figures give an indicative overview of the volume of business currently being handled by the existing Trustee Bank: Table 5(a) - Accounts opened by NPS Trust - As on 30 September 2025 Nature of account Purpose No. of accounts Collection of contributions from Nodal Office, Collection Account 100 PoPs & Subscribers Return of contributions to Nodal Office, PoPs & Rejection & Return Account 3 Subscribers Settlement Account Payin fund transfer to PF 3 Withdrawal Account Withdrawal processing to Subscribers/ASPs 3 Total 109 Table 5(b) - Virtual accounts (As on 31 March 2025) Entity No. of Virtual Accounts Nodal Office / PoP 1,56,998 Subscribers 14,34,055 Table 5(c) - Fund flow No. of Daily average No. of Daily average closing Period transactions inflow of fund transactions balance of all accounts (Credit) (In ₹ crore) (Debit) (In ₹ crore) Q4 2024-25 720539 1711.82 916750 817.14 Q1 2025-26 644773 1713.58 803482 862.31 Q2 2025-26 661153 1711.15 1008593 806.02 Page 10 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture Table 5(d) - Source and Mode-wise Contributions (For March 2025) Source of % of overall % of overall contribution Remittance Mode contribution transactions amount Through Nodal Electronic 16.49% 91.68% Office / PoPs (NEFT/RTGS etc.) Cheque 0.04% 1.61% NACH 0.03% 0.07% Directly from Electronic 83.44% 6.64% Subscribers (NEFT, RTGS, IMPS etc.) 6. Minimum Operational requirements for Trustee Bank 6.1. In line to the Regulation 18 of the TB Regulations, based on the level of activity, Trustee Bank shall be required to fulfill certain operational requirements and the same may be modified from time to time basis the guidelines issued by the PFRDA. The operational requirements are listed below: a) Trustee Bank shall obtain two class-three digital certificates from Controller of Certifying Authorities (CCA) approved Certifying Authority (CA). Trustee Bank shall have a separate Digital Signature Certificate (DSC) for the user(s) as maker and checker(s) respectively (CRAs provide DSC details). b) Nodal branch of Trustee Bank shall be NEFT/RTGS enabled to receive electronic funds transferred by service branches of various accredited banks which are providing services to nodal offices/PoPs. c) Trustee Bank shall establish a dedicated ‘NPS Cell’ for discharging its functions under the pension schemes regulated by the PFRDA. The Cell shall comprise of at least the following officers: i) Two compliance officers (main compliance officer, alternate compliance officer) designated by the Board of Trustee Bank ii) Three dedicated officers for reconciliation activity iii) Two dedicated officers for Government Sector iv) Two dedicated officers for Private Sector v) Two shared officers for system and IT operations vi) Two shared officers for cyber security monitoring and compliance d) The qualification of the compliance officer and alternate compliance officer shall be at least CA/ICWA/CS/MBA (Finance). The qualification for the system and IT officers shall be at least MCA/B Tech- IT/ Computer science. e) The Nodal branch shall have adequately trained officials to ensure smooth operation for the daily settlement-related activities. f) Trustee Bank shall provide service to all Nodal Offices/PoPs/ASPs etc. through its branches. For services through its branches, Trustee Bank shall ensure the following: i) The Nodal branch of Trustee Bank shall have the list of all its collecting branches with the details like address, contact person name, and contact telephone numbers and email IDs. ii) Adequate training shall be arranged and provided to the employees of branches of Trustee Bank accepting contribution amount from Nodal Offices/PoPs etc. Page 11 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture g) To offer the line of credit (intra-day/overdraft limit) to enable system to facilitate same day investment of contributions and remittance of withdrawal proceeds to subscribers on T+1 basis. 6.2. Note: a) Trustee Bank shall provide complete and up-to-date contact details of all officers, including the Compliance Officer and Alternate Compliance Officer, and register them with PFRDA, NPS Trust, and CRAs. b) Any change in such information must be communicated to PFRDA, NPS Trust, and CRAs within seven days. 7. Eligibility Criteria 7.1. In accordance with Regulations 4(1) and 4(2) of the TB Regulations, the eligibility criteria for participating in the selection process of Trustee Bank are specified herein. Applicants meeting the prescribed criteria as on the date of submission of their proposals (or other specified dates herein) must submit relevant supporting documents along with their proposal Table 7(a) - Eligibility Criteria and Document Checklist Sl. Particulars Eligibility Criteria Supporting documents required 1 Legal Entity Any scheduled commercial bank i) Registration Certificate issued by the [registered and regulated by the RBI. Reserve Bank of India, under the ii) GST Registration Certificate. Banking Regulation Act, 1949 (10 of 1949)]. 2 Financial The applicant should have made net i) Following data for FY 2022-23, FY Parameters profit at least in the last three 2023-24 and FY 2024-25 as per consecutive financial years. Appendix I(A), duly certified by The size of the Business (total of Chartered Accountant: deposits and advances) of the a) Profit After Tax applicant as on 31st March 2025 b) Size of the Business (total should be at least ₹ 5 Lakh crores. deposits and advances). The applicant shall satisfy the c) Capital Adequacy Ratio minimum capital adequacy ratio as ii) Financial Statement (audited) for FY specified by the Reserve Bank of India 2022-23, FY 2023-24 and FY 2024- from time to time. 25. 3 Government The applicant has been authorized to Authorization Certificate issued by the Business undertake Government business on RBI for undertaking government behalf of Ministries or Departments of business on behalf of Ministries or the Central Government and the State Departments of the Central Government Governments. and the State Governments. 4 Cash The applicant should have Cash Client base and throughput (both Management Management Services business with collection and payment transactions) for Services at least 1,000 clients as on 31st March FY 2024-25, duly certified by Chartered (CMS) 2025 and Rs.1,00,000 crore through Accountant, as per Appendix I(C). Business put during the FY 2024-25. Page 12 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 5 Branch Extensive rural and urban network of Geographical spread of branches of the requirement branches. applicant as on 31st March 2025, as per Appendix II. All branches shall be networked. Declaration as per Annexure V. 6 Technological The commitment of the applicant to Undertaking as per Annexure VI. Compatibility establish technological compatibility with CRAs with the CRAs if selected as the Trustee Bank including allowing a unique ‘Transaction Identity’ generated by the CRAs for every transaction to be validly recognizable throughout the complete transaction trail. 7 Customer The applicant bank shall have a Data as on 31st March 2025 as per Base minimum customer base of 1 crore Appendix I(D), duly certified by customers as on 31st March 2025. Chartered Accountant. 8 Digital Digital transactions (in terms of Data for FY 2024-25 as per Appendix Transaction volume) of the applicant shall account I(E), duly certified by Chartered for at least 90% of the total customer Accountant. transactions during FY 2024-25. 9 Transaction The applicant’s Core Banking / Declaration as per Annexure VII Data Field transaction processing systems shall Handling be capable of processing transactions Capacity comprising a minimum of 5 structured data fields without data truncation or loss. Note: The applicant shall take note of the extant PFRDA (Pension Fund) Regulations, 2015, PFRDA (Central Recordkeeping Agency) Regulations, 2015, and PFRDA (Custodian of Securities) Regulations, 2015, while submitting the proposal under this RFP for selection as Trustee Bank. 8. RFP Process The selection process will have the following steps: I. Pre-bid Meeting 8.1. Interested applicants requiring clarification on RFP may notify PFRDA in writing strictly as per the format given in Annexure I (Word format only) at the email addresses within the date/time mentioned in the Schedule of Events Section. 8.2 Queries received after the scheduled date and time will not be responded/acted upon. 8.3 A pre-bid meeting will be conducted as per the date, time, and mode specified in the Schedule of Events Section. Authorized representatives (not more than 2) of interested applicants may attend the meeting at their own cost. 8.4 The queries received (without identifying source of query) and response of PFRDA thereof will be posted on PFRDA’s website. Page 13 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture II. Clarification and Amendments to the RFP: 8.5 PFRDA reserves the right to amend, rescind or reissue the RFP, at any time. PFRDA, for any reason, whether, on its own initiative or in response to a clarification requested by a prospective applicant, may modify the RFP, by amendment which will be made available to applicant(s) by way of corrigendum/addendum on PFRDA’s website. The interested applicant(s) are advised to check PFRDA’s website regularly till the date of submission of proposal document specified in the Schedule of Events and ensure that clarifications/amendments issued by PFRDA, if any, have been taken into consideration before submitting the proposal. Such amendments/clarifications, if any, issued by PFRDA will be binding on the participating applicant(s). PFRDA will not take any responsibility for any such omissions by applicant. PFRDA, at its own discretion, may extend the deadline for submission of proposals in order to allow prospective applicant(s) a reasonable time to prepare the proposal, for taking the amendment into account. 8.6 No request for change in Financial/legal terms and conditions other than those mentioned in this RFP will be entertained, except for queries with regard to any addenda/corrigenda issued by PFRDA or clarifications in connection thereto. III. Proposal preparation and submission: 8.7 Proposal Preparation: The proposal prepared by the applicant(s) shall comprise the following: a) Application fee: In the form of Receipt for Online Transfer. b) Technical Proposal: Technical Proposal shall include the documents as required under Section 7 and Annexure IV of this RFP along with proper arrangement of documents with indexing as in Annexure XI. The authorized signatory of applicant must sign all documents. The submission of supporting documents shall be strictly as per the sequence of parameters as mentioned under Section 7 (for eligibility criteria) and Annexure IV (for evaluation of technical proposals). c) Financial Proposal: The Financial Proposal shall be submitted strictly as per the prescribed format provided under Annexure IX, which shall include only pricing terms. 8.8 Proposal Submission: The following structure shall be adhered to while submitting the proposal: a) Envelope I: Super scribed as “Envelope I: Application Fee”, containing the Application Fee in the form of payment receipt for online transfer, in a sealed cover. b) Envelope II: Super scribed as “Envelope II: Technical Proposal”, containing the complete Technical proposal with all supporting documents, in a sealed cover. c) Envelope III: Super scribed as “Envelope III: Financial Proposal”, containing the Financial proposal in a sealed cover. d) Envelope IV (Main Envelope): This envelope shall contain Envelopes I, II, and III. It shall be clearly marked with “DO NOT OPEN” and submitted in the tender box placed at the reception of PFRDA office or through speed post / registered post. The Main envelope should bear: i) RFP title and RFP reference number ii) Addressed to (PFRDA’s address as mentioned in the "Schedule of Events" section) iii) Applicant’s name and address iv) Names and contact details of the primary and secondary contact persons Page 14 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 8.9 Important Instructions for preparation and submission of proposals: a) All the envelopes of the proposals must be properly secured and sealed. b) An index must be placed at the beginning of the technical proposal, summarizing all contents, as in Annexure XI. c) All pages of the proposals must be serially numbered. d) Each page of the Technical and Financial proposals must be signed and stamped by the authorized signatory, along with the company’s seal. The authorization shall be supported by attaching a scanned copy of valid proof of authorization like Power of Attorney/Board Resolution etc. binding the applicant. e) All documents must be in English. f) Only hard copies of the proposals received within the stipulated time will be considered; these will become the property of PFRDA and shall not be returned. g) In case of hand-delivered proposals, the applicant’s representative(s) shall sign a register as proof of submission. h) Proposals must be received at the address specified in the “Schedule of Events” within the stipulated time. i) Proposals shall remain valid for a period of 180 days from the last date of submission. IV. Opening and Evaluation of Proposals: 8.10 Opening of sealed envelopes of technical and financial proposals shall be at the respective date, time, and venue specified in the ‘Schedule of Events’ section of this RFP, in the presence of authorized representatives of the applicants who wish to attend at their own cost. 8.11 Each applicant may authorize a maximum of two representatives to attend the proposal opening and the attending representatives shall sign a register evidencing their attendance. 8.12 PFRDA reserves the right to postpone or cancel the scheduled proposal opening at its sole discretion. 8.13 Applicants may withdraw their proposals before the submission deadline. Once submitted, modifications or substitutions shall not be permitted unless modification is following the amendments made to the RFP document by PFRDA. 8.14 Proposals will be opened evaluated in two stages - a) Stage 1: Technical Evaluation b) Stage 2: Financial Evaluation (for technically qualified applicants only). 8.15 Evaluation will be done using the Quality-cum-Cost Based Selection (QCBS) method, wherein, Technical Score carries a weightage of 80% and Financial Score a weightage of 20%. 8.16 In Stage 1, Technical Proposals will be opened at the scheduled date and time, and evaluated against the eligibility criteria provided in Section 7 of this RFP and technical evaluation criteria provided in Annexure IV of this RFP. 8.17 Applicants who satisfy the eligibility criteria and submit all required documents in complete form will be invited to make a technical presentation before the Evaluation Committee at the PFRDA office, New Delhi, to present their understanding of the scope of work and related responsibilities. A maximum of four persons may attend, but only the Team Leader shall deliver the presentation. 8.18 The presentation schedule will be published on PFRDA’s website as per the timeline in the ‘Schedule of Events’ section. The presentation shall form a part of the technical evaluation process. Applicants are however required to submit their presentation along with their Technical proposal. Page 15 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 8.19 Applicants securing 70 marks or more out of 100 in the technical evaluation shall be considered "Technically Qualified". 8.20 Financial proposals of only Technically Qualified applicants shall be opened in the presence of the authorized representatives. 8.21 The financial proposal shall be evaluated in terms of format prescribed in Annexure IX. 8.22 In respect of all the technically qualified applicants, in whose case, the financial proposal has been opened, a combined techno-financial evaluation will be done by PFRDA as per the following procedure: a) Technical score for each applicant will be allotted by the evaluation committee based on the technical evaluation criteria. b) The Technical Score of each applicant shall be calculated using the following formula: Technical Score = (Marks obtained by the applicant / Highest technical marks obtained) × Weightage for Technical Score (i.e., 80) c) The Financial Score of each technically qualified applicant shall be calculated using the following formula: Financial Score = (Rate quoted by the applicant / Highest rate quoted among technically qualified applicants) × Weightage for Financial Score (i.e., 20) d) The Combined Score shall be calculated as follows: Combined Score = Technical Score + Financial Score 8.23 The applicant securing the highest Combined Score (rounded off to two decimal places) shall be ranked as H1, followed by H2, H3, H4, and so on in descending order of their respective Combined Scores. 8.24 As an illustration, in response to the RFP, 4 proposals, A, B, C and D are received. The technical evaluation committee awarded them 65, 75, 82 and 85 marks respectively. Hence, proposals of B, C and D qualify for financial proposal opening. Table 8(a) – Illustration: Evaluation of Proposals Technical Technical Financial Financial Combined Proposal Evaluation proposal proposal Rank score score Mark Score Quote (1) (2) (1) + (2) A 65 (65/85) * 80 - - - Not qualified = 61.17 technical proposal B 75 (75/85) * 80 Repo Rate (8.00/8.00)* 90.59 3 = 70.59 plus 2.50% 20 = 20 C 82 (82/85) * 80 Repo Rate (8.00/8.00)* 97.18 1 = 77.18 plus 2.50% 20 = 20 Page 16 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture D 85 (85/85) * 80 Repo Rate (6.50/8.00)* 96.25 2 = 80 plus 1.00% 20=16.25 In the above case, Proposal C (the highest scorer) is H1; Proposal D is H2; and Proposal B is H3. For illustration purpose, RBI Repo rate has been taken as 5.50% p.a. 8.25 In the event of two or more applicants obtaining the same combined score, the applicant with the higher technical score shall be ranked higher. If the technical scores are also identical, the applicant scoring higher marks under the technological / operational parameters in the technical evaluation shall be ranked higher. 8.26 The Applicant ranked H1 shall be considered for appointment as Trustee Bank. 8.27 As per Regulation 3(4) of TB Regulations, the Authority may appoint one or more Trustee Bank. In case PFRDA decides to appoint more than one Trustee Bank, the following procedure may be applicable: a) The Applicant ranked H1 may be considered for selection as the first Trustee Bank and the financial quote of H1 shall be applicable on the next highest-ranked applicant(s). b) The Applicant ranked H2 may be invited to match the financial quote of H1 (if the financial quote of H1 is higher than H2) to be considered for such selection. c) If H2 agrees to match the financial quote of H1 within the time granted for the purpose, H2 may be considered for selection as the second Trustee Bank. If H2 does not match the quote of H1, the Authority may at its sole discretion offer to the next ranked qualified applicant(s). d) Notwithstanding the above, the Authority reserves the right to select only H1 as the Trustee Bank without there being any requirement to select any other Trustee Bank. 8.28 PFRDA or the Evaluation Committee may seek written clarifications from applicants during the evaluation process. Further, if any document is not in the specified format, PFRDA may, at its discretion, seek resubmission of that specific document. Non-response within the stipulated time may lead to disqualification. Further, no clarification at the initiative of applicant shall be entertained after the proposal submission date. 8.29 In the event the highest-ranked applicant (H1) cannot be recommended for appointment, the Authority may, at its discretion, may ask the next highest-ranked Applicant (H2) for appointment as Trustee Bank. In such case, H2 shall be considered for appointment as the first Trustee Bank and for appointing the second Trustee Bank, clause 8.26 may be followed. 8.30 PFRDA will finalize the selection of Trustee Bank based on its evaluation criteria and inform the successful applicant(s). The letter of appointment will be issued to the applicant whose proposal conforms to the RFP and is, in the opinion of PFRDA, the most advantageous including other technical factors considered. The successful applicant(s) must return the duplicate copy of the same to PFRDA within Ten (10) working days, duly accepted, stamped and signed by authorized signatory of the applicant as a token of acceptance. V. Disqualification Criteria: 8.31 PFRDA may at its sole discretion, disqualify any applicant or reject a proposal, under the following circumstances: a) The proposal is submitted in consortium with other entities or banks. b) The applicant has made misleading or false representations in the statements or attachments submitted as proof of eligibility. c) The proposal is not accompanied by required documents or supporting information. Page 17 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture d) The applicant has failed to furnish clarifications / additional information as required by the PFRDA. e) The proposal is incomplete or non-compliant with the requirements specified in this RFP, the TB Regulations, or any other applicable selection criteria prescribed by the PFRDA. f) The proposal is not accompanied by application fee or relevant supporting documents. g) The application contains incorrect, false, or misleading information. h) The proposal is conditional in nature. i) The Technical proposal contains financial information. j) The proposal is submitted after the deadline as stipulated in “Schedule of Events” section of this RFP. Such proposals shall be rejected and returned unopened. k) The proposal is submitted via fax or email. Such submissions shall be deemed invalid. 9. PFRDA’s Right to Accept or Reject Any or All Proposals 9.1 PFRDA reserves the right to accept or reject any or all proposals, and to annul the RFP process at any time prior to issuance of letter of appointment, without incurring any liability to the affected applicant/s or any obligation to inform the affected applicant/s of the grounds for PFRDA’s action. 10. Annual fee 10.1. In terms of Regulation 12 of TB Regulations, Trustee bank shall pay annual fee plus applicable taxes and levies thereon, on quarterly basis before the due date, as per the rate quoted by Trustee Bank in the selection process. On extension of the registration certificate for less than one-year, pro-rata annual fee or renewal fee shall be paid on quarterly basis by Trustee Bank. 10.2. The Annual Fee payable shall be equivalent to the amount calculated basis the rate quoted by the selected Trustee Bank, in terms of percentage per annum (in the format as per Annexure IX), applied on the consolidated daily average closing balances of all NPS Trust Accounts opened and maintained by NPS Trust with Trustee Bank. 10.3. In case Trustee Bank fails to deposit any fees before or on due date as applicable, the PFRDA shall have the right to cancel the certificate of registration of Trustee Bank. 11. Terms of Appointment of Trustee Bank 11.1. On selection of the applicant, a certificate of registration will be issued to it by the Authority. The successful applicant needs to sign a Service level agreement with NPS Trust containing terms and conditions of the selection. 11.2. The appointment of Trustee Bank would be as per the terms and conditions specified during the selection process in accordance with the TB Regulations and would be valid for five (5) years, subject to regulatory compliance. 11.3. PFRDA may, without prejudice to any other action under the Act, regulations, directions, instructions or circulars issued thereunder, by order take such action in the manner provided under the TB Regulations including cancellation or suspension of the registration of such Trustee Bank and such other action, as may be deemed appropriate. The grounds for suspension/termination of Trustee Bank would be as per the TB Regulations and may include inter alia: Page 18 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture a) Contravention of the conditions/clauses as would be specified in the Contract/Letter of Appointment. b) Inability to perform the duties and responsibilities, as required. 11.4. Suspension or cancellation or surrender of certificate of registration shall be dealt as per TB Regulations. Process for transfer of assets in case of Termination/ End of Tenure: 11.5. Trustee Bank shall submit an Exit Management Plan in the last month of first year of its term and shall subsequently update and submit the same within thirty days from the end of each financial year. It shall be the duty of Trustee Bank to ensure that it transfers all the assets banked with it in case of termination or end of its tenure as Trustee Bank to the newly appointed Trustee Bank as per the exit management plan finalized with the mutual consent of PFRDA/ NPS Trust with complete reconciliation. 11.6. Trustee Bank shall provide all the necessary support in ensuring smooth transfer of all the funds. It shall also ensure transfer of all the relevant documents/records/information in accordance with the directions issued by PFRDA/NPS Trust. 11.7. Any form of non-support or non-cooperation or obstruction from Trustee Bank shall amount to non- performance. PFRDA reserves the right to take other legal action as deemed appropriate against Trustee Bank in such cases. 11.8. On and from the date of suspension or cancellation of the certificate, the concerned Trustee Bank shall not undertake any additional assignment or collect any new money or information from the subscribers and shall return the certificate of registration so cancelled to the Authority. Governing Law: 11.9. It shall be the duty of Trustee Bank to comply with the provisions of the PFRDA Act, 2013 and rules, regulations (including TB Regulations), guidelines, circulars, directions and instructions issued thereunder by PFRDA or instructions of NPS Trust from time to time. Trustee Bank shall also be responsible to comply with the terms and conditions of appointment prescribed by the PFRDA at the time of selection and notified from time to time and Service Level Agreement with the NPS Trust. In case of default or non-compliance, the Authority reserves the right to take action as per the PFRDA Act, 2013, TB Regulations and other relevant Regulations/Circulars. 12. Interpretation In case of any clarification with regard to the terms and conditions mentioned in this RFP, the interpretation of PFRDA, shall be final. 13. Dispute Resolution Any dispute arising out of or in relation to this selection process shall be construed with and be governed by the PFRDA Act, 2013, TB Regulations, other regulations and relevant laws as are applicable. Further, only courts at New Delhi (to the exclusion of all other courts), shall have the exclusive jurisdiction to try any dispute arising out of this selection process. Page 19 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture ANNEXURE I: PRE-BID QUERY (To be provided in Excel format) Name of the Organization Name & Designation of the person submitting the request Content of RFP requiring Sl. Reference Clause No. Page No. Query clarification 1 2 3 4 5 ANNEXURE II: TECHNICAL PROPOSAL COVERING LETTER (On the letter head of applicant) Date: RFP Reference No: The Head of the Department, Regulation - Process Management (Trustee Bank) Department Pension Fund Regulatory and Development Authority E-500, Tower E, 5th Floor, World Trade Centre, Nauroji Nagar, New Delhi-110029 Dear Sir/Madam, Subject: Technical Proposal - RFP for Selection of Trustee Bank under NPS Architecture 1. We have examined the referred RFP, the receipt of which is hereby duly acknowledged and subsequent pre-bid clarifications/modifications/revisions, if any, furnished by PFRDA. We meet the requirements and agree to provide the services as set out in the RFP for selection of Trustee Bank under NPS Architecture in accordance with the provisions of the PFRDA (Trustee Bank) Regulations, 2015 (as amended). 2. We attach hereto our response to the RFP document, which constitutes our technical proposal for being considered for selection as Trustee Bank. 3. We hereby declare and confirm the following: a) We agree to the unconditional acceptance of all the terms and conditions set out in the RFP documents. b) We undertake, if our proposal is accepted, to adhere to the stipulations put forward in the RFP or such adjusted plan as may subsequently be mutually agreed between us and PFRDA or its appointed representatives. Page 20 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture c) We confirm that the information contained in this proposal or any part thereof, including its exhibits, schedules, and other documents and instruments delivered or to be delivered to PFRDA is true, accurate, and complete. This proposal includes all information necessary to ensure that the statements therein do not in whole or in part mislead PFRDA as to any material fact. d) We confirm that I/we are entitled to act on behalf of our corporation/company/firm/organization and empowered to sign this document as well as such other documents, which may be required in this connection. e) We shall observe the confidentiality of all the information passed on to us in the course of the RFP process and shall not use the information for any other purpose than the current RFP. f) We also understand that PFRDA is not bound to accept the offer either in part or in full. If PFRDA rejects the offer in full or in part PFRDA may do so without assigning any reasons therefore. Dated this ________ Day of ___________ Year ______________ (Name and Signature of the Authorized Signatory) _________________ (In the capacity of) Duly authorized to sign the proposal for and behalf of: (Name of the applicant) (Seal/Stamp of the applicant) ANNEXURE III: APPLICANT DETAILS (On the letter head of applicant) Sl. Particulars Details 1 Name 2 Address 2 Constitution of the company/applicant 3 Date of Incorporation and/or commencement of business 4 Company PAN 5 Company GSTIN 6 Particulars of the Authorized Signatory of applicant Name Designation Address Phone Number (Landline) Mobile Number Fax Number Email Address Page 21 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture ANNEXURE IV: TECHNICAL EVALUATION PARAMETERS AND DOCUMENTS CHECKLIST I. The following table outlines the broad parameters based on which technical evaluation shall be carried out by the PFRDA: Table A: Technical Evaluation (Category and Criteria) Sl. Parameters Evaluation Criteria Documentary Evidence Max Required Marks Technological / Operational (Broad Parameters) 1 Integration & Interoperability Integration with external Seamless Live proven • Confirmation letters from 10 systems, API readiness, integration with external concerned entities SFTP, ESB / Enterprise systems • API, SFTP, ESB service bus, Transaction Secure APIs, documentation & schema ID / reference number Unique Transaction ID / • Screenshots/test reports of handling reference number Transaction ID / reference recognition number mapping Parameters of APIs should be configurable SFTP – on demand for bulk data transfer 2 Flexible and Layered Platform Architecture Configurability Micro service-based Platform Architecture 10 Parameterized architecture with API based Document and demonstration Extendibility integration, Scalability Clear segregation of Web, Maintainability App and DB layer Solution should support containerized deployment, DevSecOps implementation 3 Technology Infrastructure & Resilience, Performance HA/DR readiness, Proven high availability, • Detailed architecture 10 High Availability >99.9% disaster recovery readiness, diagram and demonstration Fault tolerant scalable infra, ISO20022 •Downtime report (for last 1 architecture with compliant year) respect to software, • DR/BCP policy & last DR drill hardware, network, etc. report to prevent crash of • TPS benchmark reports system leading to its •Automated Transactions unavailability Report (% of STP) RTO under 30 mins • ISO20022 compliance RPO Near zero (Real certificate time replication) TPS capacity > 1500 Load Balancing, Auto scaling, Call throttling Page 22 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture ISO20022 readiness, STP enablement 4 Reconciliation Engine Reconciliation Reconciliation design • System design documents 10 Frequency & Coverage document, dashboards for reconciliation modules. Exception Management screenshots, exception alert • Exception and alert reports. & Alerts samples, audit trail extracts. • Audit log samples. Dashboards, Auditability STP % reports, • Dashboard screenshots and & Traceability TID/reference-ID mapping real-time performance STP Integration & Data test reports, API/SFTP/ESB reports. Quality Controls schemas, DR/BCP drill • DR/BCP drill evidence Operational Robustness report showing demonstrating reconciliation & Scalability reconciliation continuity. continuity. Methodology adopted for fund reconciliation, Demonstrated methodology Fund reconciliation including virtual for fund reconciliation methodology document (VA account-based mapping, including VA-based mapping, API/webhook flows, API / Webhook-based mapping, API/webhook matching rules). Real-time Reconciliation flows, and advanced and other advanced matching mechanisms. Auto-reconciliation evidence reconciliation such as STP auto-match logs, mechanisms. Demonstrated capability to exception closure reports, Technological perform auto-reconciliation automated reconciliation capabilities for auto- with minimal/zero manual workflow screenshots. reconciliation with intervention (auto-match %, minimal/zero manual exception reduction). Sample virtual account intervention. credit/mapping reports. API/webhook callback logs showing real-time reconciliation triggers. 5 Security & Compliance Multi-layered security, Strong cyber-security • ISO 27001 / PCI-DSS / RBI IT 7 fraud detection, posture, audit certificates regulatory compliance Implementation of PIIM, • Cybersecurity policy SIEM, IDS/IPS, TIP, EDR, •CSOC Architecture Demo SOAR Zero Trust, Patch •Latest CSOC drill report Management Solutions, conducted by CERT-In Strong Data Encryption for • Latest SOC 2 / VAPT reports Data in motion and Data at by CERT-In Empanelled rest, PII Data Masking, DLP Vendor Implementation •Latest Data Protection Impact Adherence to RBI/PFRDA/IT Assessments (DPIAs) report Act by an independent data Secure coding practices as auditor per OWASP or NIST SP • Fraud prevention framework Page 23 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 800-204C or the latest one for detailed guidelines on Microservice based architecture 6 RBI CSITE Audit & Compliance Compliance with RBI’s Full compliance with latest • Copy of last CSITE audit 5 Cyber Security & IT CSITE audit, timely closure report summary Examination (CSITE) of observations, no major • Compliance status report guidelines adverse remarks • Closure reports of any observations • Independent IT audit attestation 7 Operational Performance & regulatory timelines / SLA Adherence Cut-off adherence, Demonstrated adherence to • Regulatory timelines / SLA 5 regulatory timelines / stipulated timelines, minimal compliance reports (last 2 SLA history regulatory timelines / SLA years) breaches • Internal audit reports 8 Innovation & Future-Readiness AI/ML adoption, Demonstrated pilots or • Whitepapers / case studies 5 low-code/no-code, production use of AI/ML, • Proof of AI/ML use in digital ecosystem readiness for new payment reconciliation/fraud detection participation rails • Participation in UPI/BBPS initiatives 9 Grievance Redressal & Customer Service Regulatory timelines / Strong grievance handling, • Grievance redressal policy 4 SLA based resolution timely resolution, escalation • Escalation matrix Real time integration framework • Historical grievance with CGMS of PFRDA resolution stats Dedicated grievance cell Escalation matrix 10 Manpower & Governance Dedicated compliance Skilled resources, • List of proposed NPS cell 4 officers, trained staff governance structure, staff with qualifications as per compliance oversight Appendix III • Training records • Governance structure chart Quantitative Parameters 11 Financial Strength & Stability Profitability, CAR, size of Consistent profitability, CAR • Audited financial statements 8 business (total of ≥ RBI norms, significant (last 3 years) deposits and advances) business size • Data as per Appendix I(A) • RBI compliance certificate 12 Experience in Govt. & CMS Business Page 24 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture CMS clients and Demonstrated large-scale • List of Govt. accounts 8 throughput, Govt. CMS operations and Govt. handled as per Appendix I(B) accounts handled along fund flows • CMS client list with with business size throughput volumes as per Appendix I(C) • Certificates from Govt. departments 13 Branch Network & Reach Nationwide coverage, Wide geographic coverage, • Certified branch network list 4 NEFT/RTGS enabled rural + urban penetration, all with IFSC/BSR codes nodal branches branches networked • Data as per Appendix II • RBI branch authorization Presentation 14 Presentation on the applicant’s understanding of the technical requirements stipulated 10 in this RFP, including system capabilities, proposed approach to contribution reconciliation / processing, regulatory compliance, and roadmap for integration with CRAs and other intermediaries, and overall operational readiness, if selected as Trustee Bank Total Marks 100 II. The following table outlines the bifurcation of the broad parameters based on which technical evaluation shall be carried out by the PFRDA: Table B – Technical Evaluation (Sub Parameters) Marks Max marks B. I Technological / Operational 1 Integration & Interoperability 10 Multiple mode of Integration with external systems, secure APIs, SFTP, 10 ESB, configurable API parameters, Unique Transaction ID / reference number recognition Integration with external systems, APIs, ESB & SFTP available but not 7 configurable Partial integration with external systems, APIs, ESB & SFTP 3 2 Flexible & Layered Platform Architecture 10 Fully parameterized, scalable, microservice-based, containerized, 10 DevSecOps implemented Clear segregation of Web/App/DB, containerized deployment, partial 7 DevSecOps Microservice-based, basic API integration, some containerization 5 Limited layering, limited configurability 3 Monolithic system, no layering 1 3 Technology Infrastructure & Resilience, Performance 10 Proven HA/DR, RTO < 30 mins, RPO near-zero, TPS > 2000, ISO20022 10 compliant, >90% STP HA/DR with RTO < 30 mins, RPO near-zero, TPS ≥ 1500, STP enabled 7 Page 25 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture HA/DR with RTO < 1 hr, TPS ≥ 1500, partial ISO20022 readiness 5 Basic HA/DR, RTO > 2 hrs, TPS < 1000 2 4 Reconciliation Engine 10 Near real-time reconciliation; predictive alerting; real-time dashboards; 10 immutable audit trails; STP >95%; no data loss during DR; secure APIs/SFTP for bulk operations; virtual-account (VA) based credit mapping and webhook/API-triggered real-time auto-reconciliation across all key flows with high auto-match % and support for advanced reconciliation mechanisms covering multi-parameter matching and structured data validations Hourly reconciliation for all flows; automated alerts and escalation; 7 parameterized rules; interactive dashboards; STP ≥95%; support for VA- based mapping, API/webhook callbacks, and high auto-reconciliation (auto-match) coverage with minimal manual intervention. Automated reconciliation across key flows with daily/sub-daily frequency; 5 basic dashboards and alerts; STP ≥80%; limited VA mapping; partial API/SFTP-based auto-reconciliation confined to few transaction categories; moderate manual intervention; and restricted exception categorization Daily batch reconciliation with partial automation; limited exception 2 visibility; minimal STP coverage; predominantly manual reconciliation with little or no VA mapping or webhook/API-based auto-reconciliation. 5 Security & Compliance 7 Full stack (PIIM, SIEM, IDS/IPS, TIP, EDR, SOAR, Zero Trust, DLP, PII 7 masking), NIST coding practices, independent DPIA, Secured Coding, ISO 27001 + PCI DSS, Fully functional CSOC, Lack of Secured Coding 5 practices Only ISO 27001, limited fraud controls 2 6 RBI CSITE Audit & Compliance 5 Fully compliant, clean audit, proactive closure, independent IT attestation 5 Audit done, all issues closed, no major adverse remarks 4 Audit done, some minor issues pending 3 Audit done, major unresolved issues 1 7 Operational Performance & SLA Adherence 5 Exceeds SLAs, automated reconciliation, zero SLA breaches 5 Consistently meets SLAs / Regulatory timelines, reconciliation robust 4 Meets most SLAs / Regulatory timelines, reconciliation engine basic 3 Regulatory timelines / SLA adherence inconsistent 1 8 Innovation & Future-Readiness 5 Advanced AI/ML, future-ready roadmap, active in UPI/BBPS, digital 5 ecosystem leader AI/ML in production, low-code/no-code adoption 3 Some AI/ML pilots, partial readiness 2 Limited pilots, no production use 1 9 Grievance Redressal & Customer Service 4 Page 26 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture Fully automated grievance handling, SLA-driven, real-time dashboards, 4 proactive escalation Dedicated grievance cell, real-time CGMS integration, escalation matrix 3 SLA-based resolution 2 Basic grievance desk, manual handling 1 10 Manpower & Governance 4 Highly skilled team, strong governance, continuous training & compliance 4 oversight Skilled staff, compliance officers, structured governance 3 Dedicated staff, some training, basic governance 2 Few staff, limited training 1 B. II Quantitative 11 Financial Strength & Stability 8 (Average of FY 2022-23, FY 2023-24 and FY 2024-25) a) Profit after Tax (in ₹ Crore) >= 15,000 3 >= 5,000 < 15,000 2 < 5,000 1 b) Size of Business (Total of deposits and advances) (in ₹ Crore) >= 15,00,000 3 >= 10,00,000 <15,00,000 2 >= 5,00,000 <10,00,000 1 c) Capital Adequacy Ratio (in %) >= 17% 2 >= 14% < 17% 1.5 >= 12% < 14% 1 9% to < 12% 0.5 12 Experience in Govt. & CMS Business (For FY 2024-25) 8 a) Number of government clients for which the bank is acting as agency bank >= 15 2 >= 10 < 15 1.5 >=1< 10 0.5 b) Annual Turnover from Govt. business (in ₹ Crore) >= 1,00,000 2 >= 50,000 < 1,00,000 1.5 >=10,000< 50,000 0.5 c) Number of CMS clients >= 10000 2 >= 5000 < 10000 1.5 >= 2000 < 5000 0.5 d) Throughput from CMS business (in ₹ Crore) >= 5,00,000 2 >= 2,00,000 < 5,00,000 1.5 1,00,000 < 2,00,000 0.5 Page 27 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 13 Branch Network & Reach 4 a) Total no. of branches >= 10,000 1 >= 5,000 < 10,000 0.75 >= 2,000 < 5,000 0.5 < 2,000 0.25 b) No. of states and UTs in which branches are present All states and UTs 1 >= 30 < All states and UTs 0.75 < 30 0.25 c) No. of districts in which branches are present All Districts covered 1 >=601 < All districts 0.75 >=551 <= 600 0.5 < 550 0.25 d) Percentage of rural and semi urban branches of the total branches >= 50% 1 >= 40% < 50% 0.75 >= 30% < 40% 0.5 < 30% 0.25 B. III Presentation 10 14 Presentation on the applicant’s understanding of the technical 10 requirements stipulated in this RFP, including system capabilities, proposed approach to contribution reconciliation / processing, regulatory compliance, and roadmap for integration with CRAs and other intermediaries, and overall operational readiness, if selected as Trustee Bank Total Marks 100 Appendix I (On the letter head duly certified by Chartered Accountant) Appendix I(A) - Financial Strength and Key Ratios Size of the Business Profit After Tax Capital Adequacy Ratio Particulars (Advances & Deposits) ₹ in Crore ₹ in Crore In % FY 2022-23 FY 2023-24 FY 2024-25 Average Page 28 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture Appendix I(B) - Details of Operating as Agency Bank for Government Business - FY 2024-25 Sl. Name of the government client for which Annual turnover (in Rs.) No. the bank is acting as agency bank* (Both collection and payment transactions) 1 2 Total Note: I. *Agency bank as per Section 45 of the RBI Act 1934 and the activities coming under the purview of agency bank business as per RBI’s Master Circular dated 1 April 2025 on Conduct of Government Business by Agency Banks - Payment of Agency Commission. Appendix I(C) - Details of accounts of Cash Management Services - FY 2024-25 Sl. No. of CMS clients Throughput (in Rs.) No. of transactions No. (Both collection and payment (Both collection and payment transactions) transactions) Total Appendix I(D) - Customer Base of the Applicant (As on 31 March 2025) Sl. Particulars Number No. 1 Total customer base of the applicant as on 31 March 2025 Appendix I(E) – Digital Transactions vis-à-vis Total Transactions – FY 2024-25 Sl. No. Particulars Transaction Volume 1 Total transactions during FY 2024-25 (in crore) 2 Digital transactions during FY 2024-25 (in crore) 3 Percentage of digital transactions to total transactions (in %) Declaration: The data has been verified from the transaction records and management information systems of the applicant bank. Name of Chartered Accountant along with seal & signature: Name of the Proprietor / Partner: Membership no. / CP. No.: Page 29 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture UDIN No.: Date: Place: Note: Each page of Appendix I (including Appendix I(A) to I(E)) shall be certified (signed and stamped) by the Chartered Accountant. A valid digital signature shall be deemed sufficient for certification of all pages. Appendix II Geographical presence of branches (As on 31 March 2025) Sl. Name of Number of Number of branches % of Rural and No. State & Districts Metro Urban Semi Rural Total Semi urban UT covered Urban branches to covered total number of branches Total Appendix III Proposed Manpower Planning in NPS Cell Sl. Name Designation Qualification Experience in Role in NPS Cell No. years Note: I. The data needs to be provided in the format specified above and in case the data cannot be given, please write N.A. Any deviation from the format specified above can lead to non-allotment of scores for that parameter during the evaluation process. ANNEXURE V: DECLARATION ON BRANCH NETWORKING (On the letterhead of the Applicant) Subject: Declaration on Branch Networking We hereby confirm that all branches of _____ (Name of the applicant) ______ are fully networked and connected to a centralized Core Banking System (CBS), enabling real-time processing of transactions and account access across all locations. Page 30 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture Dated this ________ Day of ___________ Year ______________ (Signature) _________________ (In the capacity of) Duly authorized to sign the proposal for and behalf of ______________________ (Name and Address of applicant) (Seal/Stamp of applicant) ANNEXURE VI: UNDERTAKING ON TECHNOLOGICAL COMPATIBILITY (On the letterhead of the Applicant) Subject: Undertaking on Technological Compatibility with Central Recordkeeping Agencies (CRAs) and other intermediaries 1. We hereby undertake that, if selected as the Trustee Bank under NPS architecture, _____ (Name of the applicant) ____ shall: a) Establish and maintain technological compatibility with the Central Recordkeeping Agencies (CRAs). b) Ensure that the unique ‘Transaction Identity’ (TID) generated by the CRAs for each transaction is validly recognized and traceable throughout the entire transaction lifecycle, enabling end-to-end transparency and reconciliation. c) Establish and maintain technological compatibility with other intermediaries under NPS architecture, where required. 2. We confirm that necessary systems, integrations, and processes will be put in place to comply with the above, as per the timelines stipulated by the PFRDA. Dated this ________ Day of ___________ Year ______________ (Signature) _________________ (In the capacity of) Duly authorized to sign the proposal for and behalf of ______________________ (Name and Address of applicant) (Seal/Stamp of applicant) Page 31 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture ANNEXURE VII: DECLARATION ON TRANSACTION DATA FIELD HANDLING CAPACITY (On the letterhead of the Applicant) Subject: Declaration on Transaction Data Field Handling Capacity We hereby confirm that the Core Banking System / transaction processing systems of _____________ (Name of the Applicant) ______ are capable of processing financial transactions comprising a minimum of five (5) structured data fields, without any data truncation, loss, or compromise of data integrity. We further confirm that: a) The above capability exists in the bank’s live production environment. b) Such capability is available even during periods of high transaction volumes. c) The bank shall continue to maintain this capability throughout the tenure of engagement, if selected as Trustee Bank. d) This declaration is furnished in compliance with the eligibility criteria specified in the RFP. Dated this ________ Day of ___________ Year ______________ (Signature) _________________ (In the capacity of) Duly authorized to sign the proposal for and behalf of ______________________ (Name and Address of applicant) (Seal/Stamp of applicant) ANNEXURE VIII: FINANCIAL PROPOSAL COVERING LETTER (On the letter head of applicant) Date: RFP Reference No: The Head of the Department, Regulation - Process Management (Trustee Bank) Department Pension Fund Regulatory and Development Authority E-500, Tower E, 5th Floor, World Trade Centre, Nauroji Nagar, New Delhi-110029 Dear Sir/Madam, Page 32 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture Subject: Financial Proposal - RFP for Selection of Trustee Bank under NPS Architecture 1. We have examined the referred RFP, the receipt of which is hereby duly acknowledged and subsequent pre-bid clarifications/modifications/revisions, if any, furnished by PFRDA. We meet the requirements and agree to provide the services as set out in the RFP for selection of Trustee Bank under NPS Architecture in accordance with the provisions of the PFRDA (Trustee Bank) Regulations, 2015 (as amended). 2. We attach hereto our response to the RFP document, which constitutes our financial proposal for being considered for selection as Trustee Bank. 3. We hereby declare and confirm the following: a) We agree to the unconditional acceptance of all the terms and conditions set out in the RFP documents. b) We agree to abide by the proposal and the rates quoted therein. c) We undertake, if our proposal is accepted, to adhere to the stipulations put forward in the RFP or such adjusted plan as may subsequently be mutually agreed between us and PFRDA or its appointed representatives. d) We confirm that the information contained in this proposal or any part thereof, including its exhibits, schedules, and other documents and instruments delivered or to be delivered to PFRDA is true, accurate, and complete. This proposal includes all information necessary to ensure that the statements therein do not in whole or in part mislead PFRDA as to any material fact. e) We confirm that I/we are entitled to act on behalf of our corporation / company / firm / organization and empowered to sign this document as well as such other documents, which may be required in this connection. f) We shall observe the confidentiality of all the information passed on to us in the course of the RFP process and shall not use the information for any other purpose than the current RFP. g) We also understand that PFRDA is not bound to accept the offer either in part or in full. If PFRDA rejects the offer in full or in part PFRDA may do so without assigning any reasons therefore. Dated this ________ Day of ___________ Year ______________ (Name and Signature of Authorized Signatory) _________________ (In the capacity of) Duly authorized to sign the proposal for and behalf of: (Name and Address of the applicant) (Seal/Stamp of the applicant) Page 33 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture ANNEXURE IX: FORMAT FOR SUBMITTING FINANCIAL PROPOSAL Particulars Rate Quoted (In numbers) (In Words) Rate of Annual Fee / charges Prevailing Repo Rate + ________ Prevailing Repo Rate plus (linked to the Prevailing RBI Repo % _________________ percent Rate plus a margin over and above it, up to two decimal places), in terms of percentage per annum. Note: 1. The ‘Prevailing Repo Rate’ shall mean the policy Repo Rate as published by the Reserve Bank of India (RBI) on its official website, as applicable from time to time. 2. In case of any change in Repo Rate from the date of submission of application to the date of evaluation of financial proposal, the prevailing repo rate on the date of such evaluation will be taken uniformly for all the applicants. 3. Applicant shall quote only a single, flat margin (over and above the Prevailing Repo Rate), strictly in accordance with the format prescribed above. Quotes deviating from the above format shall be rejected by the PFRDA. 4. Quote shall not include any conditions attached to it and any such conditional financial proposal shall be rejected. 5. Above quote shall be exclusive of taxes and levies thereon. 6. Illustration: If the prevailing Repo Rate is 5.50% and the bidder quotes +0.40%, the applicable rate shall be 5.90% p.a. 7. The Annual Fee as mentioned under Section 10 of this RFP shall vary automatically with changes in the RBI Repo Rate during the period of engagement, with the quoted margin remaining constant. ANNEXURE X: FORMAT FOR PROVIDING EXPLANATIONS FOR DEVIATIONS IF ANY S. Reference Clause Page No. Deviation in Brief Reason No. No. proposal 1 2 3 Note: No deviation shall be accepted from any eligibility criteria referred under Section 7 and with regard to financial proposal. Page 34 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture ANNEXURE XI: INDEXING OF PROPOSAL Technical Proposal Sl. Particulars Page No. 1 Technical proposal covering letter – Annexure II 2 Applicant’s details – Annexure III 3 Write-up about the applicant 4 Proof of authorization (Power of Attorney / Board Resolution) 5 Supporting documents to satisfy eligibility criteria under Section 7* i)… ii)… 6 Documentary evidences for evaluation of technical proposal under Annexure IV* i)… ii)… 7 Copy of Presentation 8 Signed copy of RFP 9 Additional supporting documents, if any *Note: The submission of supporting documents shall be strictly as per the sequence of parameters as mentioned under Section 7 (for eligibility criteria) and Annexure IV (for evaluation of technical proposals). Financial Proposal Sl. Particulars Page No. 1 Financial Proposal Covering Letter 2 Financial Proposal ANNEXURE XII: Roles & Responsibilities of Trustee Bank Trustee Bank, in the course of managing its affairs, shall ensure the following: I. Functional Responsibilities: 1. Provide banking facilities, as directed by NPS Trust, in the best interest of subscribers, in accordance with the PFRDA Act, TB Regulations, applicable rules and regulations, directions of the PFRDA, Service Level Agreement (SLA) with the NPS Trust, and Standard Operating Procedures approved by NPS Trust. 2. Assume day-to-day banking operations of funds under pension schemes regulated by the PFRDA. 3. Maintain accounts in the name of the ‘National Pension System Trust’, crediting all funds to these accounts maintained at designated branch of the Trustee Bank. The NPS Trust shall be the registered owner of the funds, while individual subscribers shall remain the beneficial owners. NPS Trust is exempt from payment of income tax under Section 10(44) of the Income-tax Act, 1961. 4. Ensure timely and accurate transmission of fund-related information and instructions to CRAs or other intermediaries, on a regular basis. 5. Establish an effective interface and ensure full cooperation and coordination with all intermediaries appointed under the NPS architecture. Page 35 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 6. Establish and maintain adequate infrastructural facilities to effectively discharge its roles and responsibilities and ensure that all operating procedures and systems are properly documented and supported by detailed operational manuals. 7. Maintain firewall - both in terms of systems and staff - to separate business under the schemes regulated by the Authority, from other business functions. 8. Provide web-based access to the PFRDA, NPS Trust and other intermediaries as may be specified. 9. Adapt to future changes, including those arising from technological advancements, changes in system specifications, increase in the number of subscribers or schemes, and any additional services or functional responsibilities assigned by the PFRDA or the NPS Trust. 10. Exercise due diligence and vigilance in discharging functions and protecting subscriber interests. 11. Not utilize the services of the sponsor or any of its associates and their employees or their relatives, for the purpose of any of its duties and obligations. Provided that Trustee Bank may utilize such services if disclosure to that effect is made to NPS Trust. II. Legal Agreements and Data Ownership: 12. Sign the required Service Level Agreement and Non-Disclosure Agreement, where applicable, with the NPS Trust and other intermediaries under the pension schemes regulated by the PFRDA. 13. The ownership rights and all other rights relating to ownership of all the record/records data, statistical returns and information whether in electronic form, or physical form or in any other form obtained collected and/or required to be maintained by Trustee Bank shall vest with the PFRDA. No person/entity other than PFRDA shall have any ownership rights or any other rights over any data or information in the possession of the Trustee Bank. Trustee Bank or any other appointed agency or person shall neither have any right over such records/data/information nor use it at any stage for commercial purpose(s). III. Record and Data Management: 14. Maintain proper books and records of the NPS Trust accounts, including fund and information flow with CRAs, PFs, ASPs, and subscribers, and submit reports as prescribed by the PFRDA/NPS Trust. 15. Safekeep all records and supporting documentation related to contributions from Nodal Offices, PoPs, and other intermediaries. 16. Ensure that, where records are maintained electronically, adequate precautions are taken to prevent loss or destruction of data and to maintain sufficient backup to ensure continuity in recordkeeping. 17. Maintain absolute confidentiality of all records, data, and information received or acquired in the course of operations. Such data or information shall not be disclosed, shared, or produced - whether as evidence or otherwise - without prior permission of the PFRDA, except as required under due process of law. Ensure production of such records as and when called for by the Authority or the NPS Trust. IV. Inspection and Audit: 18. The PFRDA and NPS Trust may, if they consider necessary at any time, undertake directly or through their authorized representative or auditor, an inspection and audit of Trustee Bank. The audit fees and all other incidental expenses shall be borne by the Trustee Bank. Page 36 of 37Request for Proposal for Selection of Trustee Bank under NPS Architecture 19. Undergo and fully cooperate with inspection and audit initiated by the PFRDA and NPS Trust, as and when deemed necessary by them, either directly or through their authorized representatives or auditors. The audit fees and all other incidental expenses shall be borne by Trustee Bank. 20. Provide access to all relevant books, records, data, and materials for inspection by the Authority, its authorized officers and for the inspection/audit by NPS Trust, its authorized representatives. V. Other Compliance requirements: 21. Appoint Principal Officer–who shall be responsible for activities of Trustee Bank, and Compliance officer–who shall be responsible for monitoring compliance by Trustee Bank, as required under the TB Regulations. 22. Ensure that no person appointed to, or engaged in, activities related to Trustee Bank has been found guilty of any economic offence or found to be in violation of any financial sector laws. 23. Redress subscriber grievances in accordance with the PFRDA (Redressal of Subscriber Grievance) Regulations, 2015. 24. Comply with the code of conduct specified under TB Regulations and other financial sector regulators from time to time. VI. Risk Management and Business Continuity: 25. Implement mechanisms to monitor and evaluate internal controls, safeguards, and compliance systems on a regular basis. 26. Maintain adequate contingency planning to ensure continuity of operations, including robust disaster management and recovery mechanisms for all activities undertaken by Trustee Bank. 27. Develop and implement a fraud prevention and mitigation policy, including effective internal controls and provision for indemnifying subscribers in case of proven fraud or negligence. VII. Liability and Indemnification: 28. Be liable for acts of omission or commission by its employees or agents and indemnify the NPS Trust and Board of Trustees for losses arising from fraud, negligence, misconduct, or regulatory violations. 29. Make provision for indemnifying the subscriber for any loss on account of established fraud or negligence on the part of Trustee Bank. 30. Compensate subscribers for loss or inconvenience arising from failure to meet service standards or guidelines, in accordance with the SLA or instructions of the PFRDA. VIII. Reporting and Disclosure Requirements: 31. File MIS data and periodic reports including compliance and audit report, as per the parameters and frequency defined, in a timely manner with the PFRDA/NPS Trust. The format of the applicable reports/data will be shared by the PFRDA/NPS Trust to the selected Trustee Bank. 32. Generate periodic and need based reports required by the PFRDA/NPS Trust. 33. Filing of reports/MIS data shall be through the designated online portals or platforms maintained by PFRDA and NPS Trust, or in such mode as may be stipulated from time to time. Page 37 of 37