Current Affairs - Banking - Discussion

PhonePe launched the 'Tatkal NPS' facility on 28 October 2026 in partnership with major banks to make retirement savings more accessible through instant and paperless investments. The service allows eligible Indian citizens to begin investing with a minimum contribution of ₹250. Users can complete the registration process using their existing bank KYC details and secure OTP authentication. The facility also enables instant generation of a Permanent Retirement Account Number (PRAN). Partner banks include State Bank of India, HDFC Bank, ICICI Bank and Axis Bank. The National Pension System is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).