PFRDA chairman Sivasubramanian Ramann announced that two banks have already shown interest in managing pension funds. "The application window remains open until March 31," he said. Bank of Baroda and ICICI Bank have submitted their applications. Axis Bank’s application is in progress, and a consortium led by Union Bank and Daiichi is also considering participation. When regulations were first set around 2012-13, asset management experience lay mainly with mutual funds and insurers. However, banks manage large treasury portfolios and have strong investment expertise, added Ramann. PFRDA is exploring ways to increase pension funds’ involvement in long-term infrastructure and project finance, while keeping risks low. Ramann said, "It is possible for long-term money to get into certain project financing stages, where an entity like a bank is assessing the risk and then inviting other people to join." The pension fund regulator will now allow investments in gold and silver through ETFs. These will be part of the alternatives category, which is capped at 5% of the equity allocation. Initially, exposure to gold and silver will be limited to about 1%, with future reviews planned. To improve retirement options, PFRDA is working on simpler payout products. The goal is to give subscribers more flexibility beyond traditional annuities. A committee is designing standardised products allowing choice between annuity payouts and structured withdrawals. The regulator is also considering payout tenures shorter than 25 years, such as 10, 15, or 18 years. This initiative aims to meet varied subscriber needs more effectively.