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.
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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.
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.
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