Deepak Mohanty appointed as new chairman of India's Pension Fund Regulatory and Development Authority (PFRDA)

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 Deepak Mohanty has been named as the new chairman of the Pension Fund Regulatory and Development Authority (PFRDA) by the Indian government, succeeding Supratim Bandyopadhyay whose term expired in January. Mohanty, a former executive director of the 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 three-year term, until she reaches 62 years of age, or until further notice. The National Pension System and Atal Pension Yojana had a total of Rs 8.81 lakh crore in assets under management as of March 4, 2023.

 


 

 

The Pension Fund Regulatory and Development Authority (PFRDA) was established in 2003 by the Indian government to regulate, promote, and develop the country's pension industry. While initially serving only government employees, the PFRDA later expanded its services to all Indian nationals and non-resident Indians (NRIs), including those who are self-employed. Its primary focus is 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.

The PFRDA Act was passed on August 23, 2003, with the aim of promoting, developing, and regulating India's pension industry while safeguarding the interests of pension scheme subscribers. Although the PFRDA initially regulated and promoted the New Pension System (NPS) exclusively for government employees, it was opened up to all Indian citizens and NRIs in 2009. In 2013, the PFRDA launched the Atal Pension Yojana (APY) to provide pension benefits to workers in the unorganized sector. Over the years, the PFRDA has introduced various measures to improve the NPS and APY schemes, such as raising the maximum age for joining the NPS and introducing online account opening and fund management services. Today, the PFRDA plays a crucial role in promoting retirement planning and financial security for millions of people in India.