Pension Fund Regulatory and Development Authority (PFRDA) notifies a series of Amendments | Current Affairs | Vision IAS

Upgrade to Premium Today

Start Now
MENU
Home
Quick Links

High-quality MCQs and Mains Answer Writing to sharpen skills and reinforce learning every day.

Watch explainer and thematic concept-building videos under initiatives like Deep Dive, Master Classes, etc., on important UPSC topics.

ESC
  • Amendments are in line with the Union Budget 2023-24 announcements to review regulations to reduce the cost of compliance and enhance the ease of doing business.
    • Also, Amendments will enhance transparency in whole ecosystem. 

 

  • Key Reforms: 
    • National Pension System (NPS) Trust: Strengthened provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO.
      • NPS was introduced by the Union Government in 2004 to help the individuals have income in the form of pension.
    • Pension Fund: Brought under the ambit of the Prevention of Money Laundering Act (PMLA), 2002. 
      • Constitution of additional Board committees by Pension Funds such as Audit Committee and Nomination & Remuneration Committee.
      •  Aims to improve governance in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.
    • Trustee Bank (TB): When TB proposes to change its status or constitution, it shall obtain prior approval of the PFRDA.
    • Central Recordkeeping Agency (CRA): Implementation of fraud prevention and mitigation policy by CRA to protect the interest of subscribers.
      • Introduced criteria of fit and proper person, similar to SEBI’s initiative.

 

About PFRDA

  • Statutory body established under PFRDA Act, 2013.
  • Objective is to promote old age income security by establishing, developing and regulating pension funds.
  • Works under Ministry of Finance.
Watch Video News Today

Explore Related Content

Discover more articles, videos, and terms related to this topic

RELATED VIDEOS

3
News Today (Feb 23, 2024)

News Today (Feb 23, 2024)

YouTube HD
Circularity in Textile Structure

Circularity in Textile Structure

YouTube HD
Growth of Tier 2 and Tier 3 Cities in India

Growth of Tier 2 and Tier 3 Cities in India

YouTube HD
Title is required. Maximum 500 characters.

Search Notes

Filter Notes

Loading your notes...
Searching your notes...
Loading more notes...
You've reached the end of your notes

No notes yet

Create your first note to get started.

No notes found

Try adjusting your search criteria or clear the search.

Saving...
Saved

Please select a subject.

Referenced Articles

linked

No references added yet

Digital Current Affairs 3.0

The breakthrough in your UPSC journey.

Experience the next generation of UPSC preparation with AI-powered learning, personalized strategy, and trusted VisionIAS content.

Get Started Now
224K+
Active Students
4.39 Rating (8,682 reviews)
AI-Powered
Learning & Analytics

Digital Current Affairs 2.0

Personalized strategy for UPSC excellence. Trusted content with cutting-edge AI features.

Subscribe Now
224K+
Students
4.39
AI
Powered

Place in News: Cuba

Union Budget 2026-27 proposed an outlay of ₹20,000 crore for Carbon Capture Utilization and Storage (CCUS) technologies

Budget 2026–27 Proposes Three New Chemical Parks

Electronics Components Manufacturing Scheme (ECMS) gets 75% Budget Boost to 40,000 Crore

Place in News: Cuba

Union Budget 2026-27 proposed an outlay of ₹20,000 crore for Carbon Capture Utilization and Storage (CCUS) technologies

Budget 2026–27 Proposes Three New Chemical Parks

Electronics Components Manufacturing Scheme (ECMS) gets 75% Budget Boost to 40,000 Crore

16th Finance Commission (FC) gives recommendations for strengthening local bodies

Union Budget pushes Elderly Care in India

Ministry of Science and Technology launched the first Open Call under Research, Development and Innovation (RDI) Fund

Transforming Primary Agricultural Credit Societies (PACS) into Multipurpose Rural Growth Engines

16th Finance Commission (FC) gives recommendations for strengthening local bodies

Union Budget pushes Elderly Care in India

Ministry of Science and Technology launched the first Open Call under Research, Development and Innovation (RDI) Fund

Transforming Primary Agricultural Credit Societies (PACS) into Multipurpose Rural Growth Engines

Place in News: Cuba

16th Finance Commission (FC) gives recommendations for strengthening local bodies

Union Budget 2026-27 proposed an outlay of ₹20,000 crore for Carbon Capture Utilization and Storage (CCUS) technologies

Union Budget pushes Elderly Care in India

Budget 2026–27 Proposes Three New Chemical Parks

Ministry of Science and Technology launched the first Open Call under Research, Development and Innovation (RDI) Fund

Electronics Components Manufacturing Scheme (ECMS) gets 75% Budget Boost to 40,000 Crore

Transforming Primary Agricultural Credit Societies (PACS) into Multipurpose Rural Growth Engines

Place in News: Cuba

16th Finance Commission (FC) gives recommendations for strengthening local bodies

Union Budget 2026-27 proposed an outlay of ₹20,000 crore for Carbon Capture Utilization and Storage (CCUS) technologies

Union Budget pushes Elderly Care in India

Budget 2026–27 Proposes Three New Chemical Parks

Ministry of Science and Technology launched the first Open Call under Research, Development and Innovation (RDI) Fund

Electronics Components Manufacturing Scheme (ECMS) gets 75% Budget Boost to 40,000 Crore

Transforming Primary Agricultural Credit Societies (PACS) into Multipurpose Rural Growth Engines