(1) The entities satisfying the following eligibility criteria and any other criteria or terms and conditions, or any modifications, as may be specified in the selection process referred to in regulation 3, shall be eligible to participate in the selection process for Trustee Bank,-
(a) any scheduled commercial bank [registered and regulated by the Reserve Bank of India, under the Banking Regulation Act, 1949 (10 of 1949)] with extensive rural and urban network of branches as may be specified in the selection process;
(b) the applicant, on the date of application, should have made net profit at least in the last three consecutive financial years, and shall satisfy the minimum capital adequacy ratio as specified by the Reserve Bank of India from time to time;
(c) the applicant has been authorised to undertake Government business on behalf of Ministries or Departments of the Central Government and the State Governments;
(d) all branches of applicant shall be networked;
(e) commitment of the applicant to establish technological compatibility with the central recordkeeping agency or agencies, if selected as the Trustee Bank, including allowing a unique transaction identity generated by the central recordkeeping agency for every transaction to be validly recognizable throughout the complete transaction trail;
(f) the applicant should have Cash Management Services business. The number of Cash Management Services clients and through put shall be as specified by the Authority in the selection process.
(2) The Authority may change or modify the eligibility criteria as may be specified from time to time in the interest of the subscribers or for the orderly growth of the pension system.