The Pension Fund Regulatory and Development Authority was established in India in ______.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2: 2003.
Explanation:
- The Pension Fund Regulatory and Development Authority (PFRDA) in India was established on August 23, 2003, through a resolution by the Government of India.
- Objective: Its primary objective is to regulate, promote, and ensure the orderly growth of the pension sector in India. It specifically manages and regulates the National Pension System (NPS).
- Statutory Status: Although it was established in 2003, the 'Pension Fund Regulatory and Development Authority Act' was passed in 2013 and came into force on February 1, 2014, thereby granting it statutory powers.
- Headquarters: Its headquarters is located in New Delhi.
Key Regulatory Bodies (Quick Revision):
- SEBI: Established in 1988; granted statutory status in 1992 (Stock Market Regulator). * IRDAI: Established in 1999 (Insurance Sector Regulator).
- RBI: Established in 1935 (Banking Sector Regulator).
- PFRDA: Established in 2003 (Pension Sector Regulator).
Important Questions for Upcoming Examinations:
Question: Under which Ministry does the PFRDA function?
Answer: Ministry of Finance.
Question: Which body administers the 'Atal Pension Yojana' (APY)?
Answer: PFRDA.
Question: Who is the current Chairperson of the PFRDA?
Answer: Deepak Mohanty.