Deepak Mohanty New PFRDA Chairperson, Mamta Shankar Named Whole-time Member

Deepak Mohanty was on Wednesday appointed the chairperson of the Pension Fund Regulatory & Development Authority (PFRDA), which oversees the state system serving the old age income needs of people.

A gazette notification by the department of financial services (DFS) said Mohanty will have a five-year tenure, effective from the date of assumption of charge of the post or till attaining the age of 65 years or until further orders, whichever is the earliest.

The PFRDA’s chairperson position was vacant for some two months. In August last year, the government started searching for a successor to former chairperson Supratim Bandypadhyay, whose term ended in January this year.

Mohanty was appointed a whole-time member (economics) of PFRDA in August 2020 and retired in May 2022. He was earlier an executive director at the Reserve Bank of India (RBI), handling the Department of Economic Analysis and Policy (DEAP) and Department of Statistics and Information Management to oversee areas of household financial savings, balance of payments, state finances, capital markets, banking, corporate and external sectors.

The government also appointed Mamta Shankar, senior economic advisor in the Department of Food and Public Distribution, as a whole-time member (economics) in PFRDA. Shankar is an officer of the Indian Economic Service (1993 cadre).

According to the DFS notification, her appointment is valid for a period of three years or till she attains the age of 62 years or until further orders, whichever is the earliest. The post of member (law) continues to be vacant at PFRDA.

The Pension Fund Regulatory & Development Authority Act was passed on September 19, 2013 and the same was notified on February 1, 2014. PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organisations & unorganised sectors.

The PFRDA consists of a chairperson and not more than six members, three of whom shall be whole-time members and appointed by the central government.