PFRDA circular PFRDA/2026/29/REG-PF/06 · 13 May 2026
Official title
Inclusion of Rupee Bonds issued by New Development Bank in the eligible investment universe under NPS
Summary
Check the official recordThe Pension Fund Regulatory and Development Authority (PFRDA) has amended its investment guidelines for both Government and Non-Government sectors under the National Pension System (NPS). The amendment adds Rupee-denominated bonds issued by the New Development Bank (NDB) to the list of eligible debt instruments. This change aligns with the in-principle approval granted by the Department of Economic Affairs, Ministry of Finance. All existing conditions regarding credit ratings (AA or above) and maturity specifications remain applicable to these new investments. The circular is effective immediately.
What you must do
Key dates
Who is affected
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Circular No.: PFRDA/2026/29/REG-PF/06. 13.05.2026
To
All Pension Funds, NPS Trust and all Stakeholders.
Subject: Inclusion of Rupee Bonds issued by New Development Bank in the eligible investment universe under NPS.
In pursuance of the in-principle approval accorded by the Department of Economic Affairs, Ministry of Finance, Government of India, to the issuance of INR-denominated Bonds by the New Development Bank (NDB), PFRDA hereby amends its extant Investment Guidelines under NPS as provided below:
| Reference | Existing provisions of Guidelines | Amended provisions of Guidelines |
|---|---|---|
| Govt Sector Investment Guidelines dated 10.12.2026¹ Category ii (c) of Debt Instruments and Related Investments: | Rupee Bonds issued by institutions of the International Bank for Reconstruction and Development, International Finance Corporation and Asian Development Bank. | Rupee Bonds issued by institutions of the International Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank and New Development Bank. |
| Non-Govt Sector Investment Guidelines dated 10.12.2026² Category (b) of Scheme / Asset Class C: | Rupee Bonds issued by institutions of the International Bank for Reconstruction and Development, International Finance Corporation and Asian Development Bank. | Rupee Bonds issued by institutions of the International Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank and New Development Bank. |
All other conditions, including extant credit rating requirements (AA or above) and applicable maturity specifications prescribed under the Investment Guidelines, shall remain unchanged.
This circular shall come into force with immediate effect.
Yours sincerely,
ASHOK KUMAR SONI (Executive Director)
¹ https://pfrda.org.in/w/regulatory-framework/master-circulars/active-master-circulars/master-circular-on-investment-guidelines-for-ups/nps/apy-schemes-central/-state-government-default-corporate-cg-nps-lite-atal-pension-yojana-and-apy-fund-scheme-1?p_l_back_url=%2Fregulatory-framework%2Fmaster-circulars%2Factive-master-circulars&p_l_back_url_title=Active - Master Circular on Investment Guidelines for UPS/NPS/APY Schemes- Central/ State Government (default), Corporate CG, NPS Lite, Atal Pension Yojana and APY Fund Scheme – 10.12.2025
² https://pfrda.org.in/w/regulatory-framework/master-circulars/active-master-circulars/master-circular-on-investment-guidelines-under-nps-in-non-government-sector?p_l_back_url=%2Fregulatory-framework%2Fmaster-circulars%2Factive-master-circulars&p_l_back_url_title=Active - Master Circular on Investment Guidelines under NPS in Non-Government Sector – 10.12.2025
5 वीं मंजिल, टॉवर ई, वर्ल्ड ट्रेड सेंटर, नौरोजी नगर, न्यू दिल्ली - 110029 5th Floor, Tower E, World Trade Center, Nauroji Nagar, New Delhi – 110 029 Phone: 011 - 26517501, 26517503. website: www.pfrda.org.in
