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Govt to soon start selection process for new PFRDA chairman

Press Trust of India  |  New Delhi 

The government will soon start selection process for a new of fund regulator PFRDA to succeed the present chief, G Contractor, whose term is slated to end in April.

"The Ministry will soon come out with an advertisement to find a successor to head the Fund Regulatory and Development Authority (PFRDA)," sources told

Contractor's term will be completed on April 30, 2019.

PFRDA was re-constituted into a statutory body after notification of PFRDA Act in 2014.

is the first to head the regulatory body. He had joined PFRDA on October 7, 2014.

As per the Act, the will have a tenure of 5 years or till age of 65 years, whichever is earlier.

was previously held the post of SBI before being appointed as the PFRDA Chairman.

The fund regulator has reached a subscriber base of 2.65 crore in its flagship System (NPS) and Atal Pension Yojana (APY) schemes and hopes to cover nearly 2.72 crore subscribers by the end of the current financial year.

The APY, mainly targeting the unorganised sector employees, offers five slabs of pension from Rs 1,000-5,000 per month upon retirement. Employees in the age bracket of 18-40 years can sign up for an APY account.

NPS is a voluntary defined contribution retirement savings scheme for government employees as well as for those working in the organised and unorganised sectors.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, March 17 2019. 11:55 IST