Govt appoints Deepak Mohanty as PFRDA chairman

New Delhi: The government has appointed Deepak Mohanty as chairman of Pension Fund Regulatory and Development Authority (PFRDA).

He replaced Supratim Bandyopadhyay, whose term ended in January.

Prior to this, Mohanty, a former executive director of the Reserve Bank of India (RBI), served as a member of PFRDA.

The central government hereby appoints Deepak Mohanty, former whole-time member, Pension Fund Regulatory and Development Authority (PFRDA), to the post of chairperson, PFRDA, a government notification dated March 14, 2023 said.

He will get a consolidated salary of Rs 4.50 lakh per month without the facility of house and car with effect from the date of assumption of charge of the post till attaining the age of 65 years or until further orders, it said.

Mohanty was appointed PFRDA member (Economic) in August 2020 for a period of three years or till attaining the age of 62 years.

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.

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.

PFRDA was created in 2003 with the goal of promoting, regulating, and developing the pension industry of the country. It was initially designed for government employees exclusively, but its services were subsequently expanded to include all Indian nationals and NRIs, including self-employed persons.

PFRDA promotes, develops and regulates organised pension funds; namely National Pension System (NPS) to serve the old age income needs of people on a sustainable basis.