Yogesh Agarwal is new PFRDA Chairman

Former banker Yogesh Agarwal has been appointed chairman of interim pension regulator PFRDA, a post lying vacant for almost six months.

"Yogesh Agarwal has taken over the charge of the chairman, interim Pension Fund and Regulatory and Development Authority, on June 7, 2010," an official statement said.

Prior to the appointment, Agarwal was the chairman and managing director of state-run IDBI Bank.

The regulatory body has been without a chairman for about six months following the retirement of D Swarup last December.

The PFRDA was established in August, 2003, but does not have statutory status, as the PFRDA Bill, 2005, is still awaiting parliamentary approval.

The government had, through an executive order in October, 2003, mandated PFRDA to act as the regulator for the pension sector. PFRDA was originally intended to regulate the new pension system which was launched for central government employees joining service from January 1, 2004, but from last May, it was extended to all citizens.