PFRDA Current Affairs - 2019

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FM chairs 20th Meeting of FSDC

The 20th Meeting of Financial Stability and Development Council (FSDC) was held under the Chairmanship of Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs.

Key Highlights of Meeting

The Meeting reviewed current global and domestic economic situation, overall macro-economic situation and financial stability issues including those concerning Banking and Non Banking Financial Company (NBFC).

Council was also informed about progress made towards setting-up of Financial Data Management Centre (FDMC) under the aegis of FSDC, so as to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening cyber security framework for financial sector.

Council also held consultations to obtain inputs and suggestions of Financial Regulators for Union Budget 2019-20. All the regulators presented their proposals for upcoming Budget. The financial sector regulators includes- SEBI (Capital Market), RBI (Monetary Sector), IRDA (Insurance), PFRDA (Pension) and IBC (Insolvency & Bankruptcy).

Council also took note of activities undertaken by FSDC Sub-Committee which is chaired by Reserve Bank of India (RBI) Governor and action taken by Members on decisions taken in earlier Meetings of FSDC.

What is Financial Stability and Development Council?

The FSDC was constituted in December 2010. It is apex body of sectoral regulators and not a statutory body.

Objective: to strengthen and institutionalise mechanism for maintaining financial stability, promoting financial sector development and enhancing inter-regulatory coordination.

Function: Among other things, it deals with issues relating to financial stability, financial literacy, financial inclusion, financial sector development, inter–regulatory coordination and macro prudential supervision of economy which also includes functioning of large financial conglomerates. No separate funds are allocated to Council for undertaking its activities.

FSDC Sub-Committee: It deliberates on agenda items proposed by any member of FSDC Council which mainly include matters relating to financial stability, inter-regulatory coordination, and financial sector development.

Month: Categories: Business, Economy & Banking

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ESIC payroll data suggests 2 crore jobs created in 16 months

The Employees State Insurance Corporation (ESIC) payroll data released by the Central Statistical Office (CSO) suggests 2 crore jobs created in 16 months. The ESIC data is one of payroll numbers released by the Central Statistics Office (CSO) in its reports based on people joining various social security schemes run by Employees Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA). The data shows that:

  • During September 2017 and December 2018, as many as 1.96 crore new subscribers joined the scheme
  • Employment generation in the formal sector almost trebled to touch a 16-month high of 7.16 lakh in December 2018 compared to 2.37 lakh in the year-ago month.
  • Around 72.32 lakh new subscribers were added to social security schemes of the EPFO from September 2017 to December 2018.
  • An estimated number of new NPS (National Pension Scheme) subscribers during the period of September 2017 to December 2018 is 9,66,381.

The report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level.

Month: Categories: Business, Economy & BankingUPSC

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