Consider the following statements about the Pension Fund Regulatory and Development Authority: 1. It is the statutory regulatory body responsible for overseeing, promoting, and developing the pension sector in India. 2. It regulates both the National Pension System (NPS) and Atal Pension Yojana. Which of the statements given above is/are correct? |ForumIAS

Q. Consider the following statements about the Pension Fund Regulatory and Development Authority:
1.It is the statutory regulatory body responsible for overseeing, promoting, and developing the pension sector in India.
2.It regulates both the National Pension System (NPS) and Atal Pension Yojana.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C

Notes:

Explanation:

Statement 1 is correct: The Pension Fund Regulatory and Development Authority (PFRDA) is the statutory regulatory body responsible for overseeing, promoting, and developing the pension sector in India. Established initially as an interim authority in 2003, it became a statutory body with the enactment of the PFRDA Act in 2013, and its implementation was notified in 2014.

Statement 2 is correct: PFRDA regulates the National Pension System (NPS) and other pension schemes, ensuring their orderly growth and smooth operation for government, private sector, and unorganized sector employees.

Source: BS

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