The CRA is a first of its kind venture in India and is critical to the successful operationalization of the NPS.The main functions and responsibilities of the CRA include:
PFRDA has established the NPS Trust under Indian Trusts Act, 1882 and appointed NPS Board of Trustees under whom the administration of NPS vests under Indian Law. The Trust is responsible for taking care of funds under NPS. The Trust holds an account with Axis Bank and this bank is designated as Trustee Bank.
Trustee Bank manages the banking of pension funds in accordance with the applicable provisions of the NPS, the scheme, guidelines/notifications issued by PFRDA, Ministry of Finance and Government of India from time to time. Trustee Bank is Axis Bank.