Deepak Mohanty appointed PFRDA chief

The Central government has appointed Deepak Mohanty, a former whole-time member of the Pension Fund Regulatory & Development Authority (PFRDA), as the new Chairperson of the PFRDA.

It also appointed Mamta Shankar, an Indian Economic Service Officer (1993) to the post of Whole-Time Member (Economics) in PFRDA.

PFRDA regulates the National Pension System (NPS) which is mandatory for the Central government staff joining service since 2004. Most state governments have also made it mandatory for their staff joining the service since 2004 or 2005. Later, corporates and the general public were allowed to subscribe to NPS.

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Mohanty, also a former executive director of the Reserve Bank of India, will hold the top PFRDA post till attaining the age of 65 years or until further orders, whichever is earlier, the government said.  He will draw a consolidated salary of Rs 4,50,000 per month (without the facility of a house and car).

Mohanty had served a two-year stint in PFRDA as a whole-time member (Economics) till last year, overseeing areas of development and regulation of pension funds.

Earlier he was Executive Director of the RBI overseeing areas of enforcement of banking regulation, risk management, internal audit and inspection, financial stability, monetary policy, economic research, and statistics.

Mamta Shankar has been appointed as a whole-time member of PFRDA for a period of three years or till she attains the age of 62 years, or until further orders, whichever is the earliest, the government said.