The full form of PFRDA is the Pension Fund Regulatory and Development Authority. PFRDA is a statutory body established by the Government of India in 2003 under the PFRDA Act, with the aim of promoting and regulating the development of the pension industry in India.
The primary objective of PFRDA is to regulate and promote the National Pension System (NPS), which is a defined contribution pension scheme available to all citizens of India. PFRDA is responsible for overseeing the registration and functioning of pension fund managers, custodians, and other entities involved in the NPS.
PFRDA also regulates other pension schemes in India, such as the Atal Pension Yojana (APY), which is a government-backed pension scheme for workers in the unorganized sector. PFRDA’s regulatory functions include developing investment guidelines, monitoring compliance, and protecting the interests of pension subscribers.
In addition to its regulatory role, PFRDA also has a developmental mandate, aimed at promoting the growth and development of the pension industry in India. This includes increasing awareness of the benefits of pension savings and expanding the coverage of pension schemes to a wider section of the population.
Overall, PFRDA plays a crucial role in the development and regulation of the pension industry in India, with the goal of ensuring financial security and social welfare for all citizens.