CSEET · Economic and Business Environment · Key Government Institutions
The Pension Fund Regulatory and Development Authority (PFRDA) is primarily responsible for which of the following?
PFRDA regulates and develops the National Pension System and related pension schemes, and protects the interests of subscribers. It does not run the EPF, which is handled by EPFO, nor does it set small savings rates or license insurers, which is IRDAI's job.
- AAdministering the Employees' Provident Fund contributions of private firms
- BRegulating and developing the National Pension System and other pension schemes falling under its mandateCorrect
- CFixing the interest rate on small savings schemes
- DLicensing life insurance companies
Explanation
PFRDA regulates and promotes the National Pension System and pension funds, protecting subscribers' interests. EPF is administered by the EPFO, small savings rates are set by the Government, and licensing of life insurers is done by IRDAI.
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