As of the year 2017, which of the following is a valid fund manager for the National Pension System (NPS) in India?

Introduction / Context:
The National Pension System (NPS) is a government regulated retirement savings scheme in India that allows subscribers to invest through professional fund managers. Only entities approved by the Pension Fund Regulatory and Development Authority (PFRDA) can act as pension fund managers under NPS. Competitive examinations often test which institutions are recognised NPS fund managers. This question focuses on identifying the correct fund manager from several similar sounding options.

Given Data / Assumptions:

• The question refers to the situation around the year 2017.
• The scheme in question is the National Pension System, not an unrelated mutual fund or provident fund.
• The options are Axis Provident Fund, Yes Bank Pension Fund, ICICI Prudential Pension Fund, Punjab National Provident Fund, and Canara Retirement Savings Fund.
• We assume PFRDA rules that only specially registered companies can act as NPS pension fund managers.

Concept / Approach:
NPS fund managers in 2017 included companies such as ICICI Prudential Pension Fund Management Company, SBI Pension Funds, and UTI Retirement Solutions, among others. The official names clearly contain the words Pension Fund or Pension Funds, and they are registered with PFRDA. Many of the options in the question are distractors that mimic the style of mutual funds, provident funds, or bank products without being actual NPS pension fund managers. Recognising the exact name ICICI Prudential Pension Fund helps identify the correct option.

Step-by-Step Solution:
Step 1: Recall that ICICI Prudential has a dedicated entity called ICICI Prudential Pension Fund Management Company which acts as a fund manager under NPS.Step 2: Check the given options and locate the one that most closely matches this official name.Step 3: Note that the option ICICI Prudential Pension Fund closely represents the actual NPS fund manager.Step 4: Evaluate other options: Axis Provident Fund, Yes Bank Pension Fund, Punjab National Provident Fund, and Canara Retirement Savings Fund, which do not correspond to recognised NPS pension fund management companies in 2017.Step 5: Conclude that ICICI Prudential Pension Fund is the correct answer.

Verification / Alternative check:
Verification can be done by referring to PFRDA lists of registered pension fund managers for NPS during that period. ICICI Prudential Pension Fund Management Company figures clearly among the approved entities. The other names in the options are not listed as NPS pension fund managers. This confirms that ICICI Prudential Pension Fund is the only correct choice among the alternatives provided.

Why Other Options Are Wrong:
Axis Provident Fund and Punjab National Provident Fund are not official names of NPS pension fund managers and appear to be misleading variations based on bank brands. Yes Bank Pension Fund sounds plausible, but there was no such NPS pension fund manager registered with that name in 2017. Canara Retirement Savings Fund is also not part of the core NPS pension fund manager list. Therefore, these options are distractors that test familiarity with actual official names.

Common Pitfalls:
Many aspirants rely on brand recognition and may assume that any large bank can act as an NPS fund manager with a similar sounding name. This can lead to incorrect guesses such as Yes Bank or Axis based options. To avoid such errors, candidates should memorise the exact names of registered NPS pension fund managers such as ICICI Prudential Pension Fund, SBI Pension Funds, UTI Retirement Solutions, and others published by PFRDA.

Final Answer:
ICICI Prudential Pension Fund is a valid National Pension System fund manager among the options listed.