Which of the following statement is are correct about Pension Fund Regulatory and Development Author...........

Finance (Phase -I & II) Banking and Financial system in India

Which of the following statement is/are correct about Pension Fund Regulatory and Development Authority(PFRDA)?

1.It is authorized by the Finance Ministry, and it helps in promoting income security of old age by regulating and also developing pensionfunds.

2.PFRDA is also responsible for the appointment of different other intermediate agencies like Pension Fundmanagers.

only 1

only 2

Both 1 and 2

Neither 1 nor 2

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Explanation:

Pension Fund Regulatory and Development Authority(PFRDA):
. Pension Fund regulatory is a pension related authority, which was established in the year 2003 by the IndianGovernment.
. It is authorized by the Finance Ministry, and it helps in promoting income security of old age by regulating and also developing pensionfunds.
. This group can also help in protecting the interest rate of the subscribers, associated with the schemes of pension money along with the related matters.
. PFRDA is also responsible for the appointment of different other intermediate agencies like Pension Fundmanagers.