Answer-The National Pension System (NPS), which provides retirement savings and pension benefits to individ...

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Regulatory Authority  The Pension Fund Regulatory and Development Authority PFRDA is the statutory body established by the Government of India to promote, develop, and regulate the pension sector. It was initially established through a government resolution in 2003 and later gained statutory status through the PFRDA Act, 2013 , which came into effect on February 1, 2014.       About the National Pension System NPS    Mandatory for Government NPS was made mandatory for all new recruits of the Central Government except for the Armed Forces joining service on or after January 1, 2004 .   Structure It is a voluntary, defined-contribution pension system. It allows subscribers to contribute to a retirement account PRAN - Permanent Retirement Account Number during their working life.   Universal Reach While initially meant for government employees, it was opened to all citizens of India including NRIs and the unorganized sector in May 2009.   Asset Management The funds are managed by PFRDA-registered Pension Fund Managers PFMs , who invest the corpus in various asset classes like Equity, Government Securities, and Corporate Bonds.        Why the other options are incorrect    RBI Regulates the banking sector and monetary policy in India.   SEBI Regulates the securities market stock exchanges, mutual funds, etc..   IRDAI Regulates the insurance sector in India. While NPS subscribers must buy an annuity from an insurance company upon retirement, the NPS scheme itself is governed by PFRDA.

The National Pension System (NP

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