OASIS with reference to PFRDA Act stands

Solution

The Government of India had, in the year 1999, commissioned a national project titled "OASIS" (old age social & income security) to examine policy related to old age income security in India. Based on the recommendations of the OASIS report, Government of India introduced a new Defined Contribution Pension System and 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.