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The PFRDA ensures the orderly growth and development of pension market. PFRDA have set up a Trust under the Indian Trusts Act, 1882 to oversee the functions of the Pension Fund Managers (PFMs). The NPS Trust is composed of members representing diverse fields and brings wide range of talent to the regulatory framework.
On 23 August 2003, the Interim Pension Fund Regulatory & Development Authority (PFRDA) was established by the Government of India to oversee pension funds and protect subscribers' interests. The PFRDA Act of 2013 officially confirmed PFRDA as the regulator for the Indian pension sector, effective from 1 February 2014. [31]
PFRDA – Pension Fund Regulatory & Development Authority. 1.5 5. NABARD – National Bank for Agriculture and Rural Development. ... Established: November 15, 1983
The State Government demanded return of the entire corpus of 39,000 crores accumulated till date in the NPS accounts of its employees who joined the workforce after enactment of PFRDA law. [27] Gehlot has considered the option to escalate this matter to Supreme Court if funds are not returned and claimed the BJP lost the 2022 state elections to ...
An ordinance was issued on 19 January 1956, nationalising the life-insurance sector, and the Life Insurance Corporation was established that year. The LIC absorbed 154 Indian and 16 non-Indian insurers and 75 provident societies. The LIC had a monopoly until the late 1990s, when the insurance industry was reopened to the private sector.
The history of financial regulation in India can be traced back to the early 19th century when the British East India Company established the Bank of Bengal [2] [3] [4] in 1806. Over time, other banks were established, including the Bank of Bombay in 1840 and the Bank of Madras in 1843, which collectively came to be known as the Presidency Banks.
It established new regulations for real estate appraisals. In addition, the Act established Appraisal Subcommittee (ASC) within the Examination Council of the Federal Financial Institutions Examination Council. It also established new capital reserve requirements. It increased public oversight of the process.
Chairman, Pension Fund Regulatory and Development Authority (PFRDA), Chairman, Insolvency and Bankruptcy Board of India (IBBI), [4] Additional Secretary, Ministry of Finance, DEA, will be the Secretary of the Council, [5] The Chairperson may invite any person whose presence is deemed necessary for any of its meetings.