Deepak Mohanty named PFRDA chairman
The Indian government has appointed Deepak Mohanty as the new chairman of Pension Fund Regulatory and Development Authority (PFRDA), replacing Supratim Bandyopadhyay whose term ended in January. Mohanty, a former executive director of Reserve Bank of India (RBI), previously served as a member of PFRDA.
Additionally, Mamta Shankar has been appointed as the new whole-time member (Economics) for a period of three years or until she attains the age of 62 years, or until further orders. The total assets under management under National Pension System and Atal Pension Yojana stood at Rs 8.81 lakh crore as on March 4, 2023.
About the PFRDA:
The Pension Fund Regulatory and Development Authority (PFRDA) was established in 2003 with the objective of promoting, regulating, and developing the pension industry in India. Initially, it catered only to government employees, but later expanded its services to all Indian nationals and NRIs, including self-employed individuals. PFRDA focuses on promoting, developing, and regulating organized pension funds, such as the National Pension System (NPS), to meet the old-age income requirements of people in a sustainable manner.
History of PFRDA:
- The Pension Fund Regulatory and Development Authority (PFRDA) was established by the Government of India on August 23, 2003, with the passage of the PFRDA Act. The objective of the PFRDA is to promote, develop, and regulate the pension industry in India and to protect the interests of subscribers to pension schemes.
- Initially, the PFRDA was responsible for regulating and promoting the New Pension System (NPS) for government employees, but in 2009, it was opened to all Indian citizens and non-resident Indians (NRIs).
- In 2013, the PFRDA launched the Atal Pension Yojana (APY) to provide pension benefits to workers in the unorganised sector. Over the years, the PFRDA has taken various measures to enhance the NPS and APY schemes, such as increasing the maximum age for joining the NPS and introducing online account opening and fund management services. Today, PFRDA plays a crucial role in promoting retirement planning and financial security for millions of people in India.