Deepak Mohanty, chairman, PFRDA
Mohanty was a member(Economist),PFRDA and had recently retired from the regulatory body
New Delhi:
The government on Tuesday has appointed Deepak Mohanty, a former member of the Pension Fund Regulatory Development Authority( PFRDA), as the chairman of New Delhi based pension funds regulatory body.
The post had fallen vacant after Supratim Bandyopadhyay retired from the post in January 2023.
With a consolidated salary of Rs 4.5 lakh, Mohanty can continue as chairman, PFRDA, till he reaches the age of 65, said an order from the ministry of finance.
Besides, the government has also appointed Mamta Shankar, IES (1993), Senior Economic Adviser, Department of Food and Public Distribution, to the post of whole-time member (Economics).
She has been appointed for a period of three years or till she attains the age of 62 years, or until further orders, whichever is the earliest, a separate notification said.
Mohanty was member(Economics),PFRDA, since Aug 2020 and had retired on 31,May 2022 from the pension regulatory body.
Mohanty was also earlier an executive director of Reserve Bank of India(RBI). He had served in the International Monetary Fund (IMF) as senior adviser.
He holds a Master’s degree from Jawaharlal Nehru University and another Master’s degree in Economics from Yale University.
Earlier, the Financial Sector Regulatory Appointment Search Committee, headed by cabinet secretary Rajiv Gauba, had interviewed a few bankers and insurers to select a new chairman of the PFRDA.
The PFRDA, which has been set up on the basis of PFRDA Act, promotes the orderly growth and development of pension market and regulates National Pension Schemes(NPS), subscribed by employees of Government. of India, State Governments and by employees of private institutions/organizations and unorganized sectors.
Today, there are 10 pension fund managers operating in the country, which are , managing over Rs 8.82 trillion of funds.
The number of subscribers under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) increased 23 per cent to over 6.24 crore as of March 4.
Of this, there was over 28 per cent growth in APY subscribers and more than 1 crore new customers were added.
The total pension assets under management (AUM) under NPS and APY grew 23.45 per cent year-on-year to Rs 8.82 lakh crore as of March 4, 2023.