Financial Regulators-Secondary Financial Regulators-IRDAI, IBBI, NABARD, PFRDA, NHB Commerce YouTube Lecture Handouts Part 2

Doorsteptutor material for competitive exams is prepared by world's top subject experts: get questions, notes, tests, video lectures and more- for all subjects of your exam.

Financial Regulators - Secondary Financial Regulators - IRDAI, IBBI, NABARD, PFRDA, NHB | Commerce

Pension Fund Regulatory & Development Authority of India (PFRDA)

  • On 23 August 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India.
  • The contributory pension system was notified by the Government of India on 22 December 2003, now named the National Pension System (NPS) with effect from 1 January 2004.
  • The Pension Fund Regulatory & Development Authority Act was passed on 19 September 2013 and the same was notified on 1 February 2014.
  • The President of India is the guardian of the PFRDA, subject to his Financial Emergency Powers, as per the Articles of Indian Constitution.
  • PFRDA now has Full Autonomy & functioning Independently from F. Y. 2014 – 15.
  • PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organizations & unorganized sectors.
  • The PFRDA is ensuring the orderly growth and development of pension market.

National Pension System

  • National Pension System is a defined contributory pension introduced by Government of India.
  • It is mandatory for all Central Government employees with effect from 1 January 2004.
  • It extends to all citizens of India including workers of the unorganized sector on a voluntary basis with effect from 1 May 2009.
  • On 29 October 2015 the Reserve Bank of India allowed Non-Resident Indians (NRI) to subscribe to NPS.
  • The NPS was subsequently extended to all citizens of the country w. e. f. 1 May 2009 including self-employed professionals and others in the unorganized sector on a voluntary basis.
National Housing Bank
National Housing Bank
National Housing Bank
TypeRegulatory Agency
IndustryHousing Finance Companies
Founded9 July 1988; 32 years ago,
HeadquartersNew Delhi, India
Key peopleSarada Kumar Hota , IAS (Managing Director)
OwnerMinistry of Finance, Government of India
Number of employees450 +
  • NHB is the apex regulatory agency for Housing Finance Companies set up on 9 July 1988 under the National Housing Bank Act, 1987.
  • Objective is to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support incidental to such institutions and for matters connected therewith.
  • NHB registers and supervises Housing Finance Companies (HFCs) , keeps surveillance through On-site & off-site Mechanisms and co-ordinates with other Regulators.

Objectives of NHB

  • To promote a sound, healthy, viable and cost-effective housing finance system to cater to all segments of the population and to integrate the housing finance system with the overall financial system.
  • To promote a network of dedicated housing finance institutions to adequately serve various regions and different income groups.
  • To augment resources for the sector and channelize them for housing.
  • To make housing credit more affordable.
  • To regulate the activities of housing finance companies based on regulatory and supervisory authority derived under the Act.
  • To encourage augmentation of supply of buildable land and also building materials for housing and to upgrade the housing stock in the country.
  • To encourage public agencies to emerge as facilitators and suppliers of serviced land, for housing.

MCQs

Q-1. Name 4 major secondary financial regulators of India.

Q-2. ________ is an autonomous regulatory body that protects the interests of the policyholder.

Developed by: