Information about PFRDA
PFRDA is the short name of Pension Fund Regulatory and Development Authority. Pension Fund Regulatory and Development Authority is a pension regulatory authority, established by the Government of India on August 23, 2003. PFRDA comes under the jurisdiction of the Department of Financial Services, Ministry of Finance. PFRDA aims to promote old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to the schemes of pension funds and related matters. PFRDA appoints various intermediary agencies. This includes Central Record Keeping Agency (CRA), Pension Fund Manager, Custodian, NPS Trustee Bank etc.
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PFRDA Full Form ( Full Form Of PFRDA)
PFRDA is called Pension Fund Regulatory and Development Authority in Hindi and Pension Fund Regulatory and Development Authority in English. This organization was established on 23 August. PFRDA is the pension regulatory authority of India. Which has been established for the development and regulation of the pension market in India.
What is PFRDA (What is PFRDA)
The Government of India launched a national project called “OASIS” in 1999 to examine policy related to old age income security in India. Based on the recommendations of the Oasis Report, the Government of India introduced a newly defined contribution pension system for new entrants to Central/State Government service, except the Armed Forces. On 23 August 2003, the Interim Pension Fund Regulatory and Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate the pension sector in India. This contributory pension system was notified by the Government of India on 22 December 2003, which is now named National Pension System (NPS) with effect from 1 January 2004. Subsequently, with effect from May 1, 2009, the NPS was extended to all citizens. of the country, including self-employed professionals and others in the unorganized sector, on a voluntary basis.
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The Pension Fund Regulatory and Development Authority Act was passed on 19 September, 2013 and notified on 1 February, 2014. PFRDA regulates the NPS, whose subscribers are employees of the Government of India and State Governments and employees of private institutions/organizations and unorganized sectors. . PFRDA is ensuring orderly expansion and growth of the pension market. Pension Fund Regulatory and Development Authority (PFRDA) authorized 58 institutions including Public Sector Banks, Private Banks, Private Financial Institutions and Department of Posts as Points of Presence (POP) for opening National Pension System (NPS) for citizens. Is.
According to the articles of the Indian Constitution, the President of India is the guardian of the PFRDA, with the headquarters of the PFRDA in New Delhi with various regional offices spread across the country. The pension fund functions independently of the regulatory and development authority and has full autonomy.
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Works Of PFRDA
- Educating clients and the general public on pension related issues and training of intermediaries.
- Supporting disputes between various intermediaries such as customers and banks and arbitrators and setting up mechanisms for customer grievance redressal.
- Supporting complaints related to various pension schemes in the country.
- This organization supervises and controls everything related to pension funds and pension schemes and also promotes old age income security scheme through the Pension Act Fund.
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