New Delhi, Feb 19 (IANS): Supratim Bandyopadhyay was on Tuesday appointed as chairman of the Pension Fund Regulatory and Development Authority (PFRDA), a body which regulates the National Pension Scheme subscribed by government and private employees from organised and unorganised sectors.

The Appointments Committee of the Cabinet approved Bandyopadhyay's appointment for a period of five years, with effect from the date of assumption of charge of the post or till attaining the age of 65 years or until further orders, whichever is the earliest, said a government order.

Bandyopadhyay was working as Member (Finance) in the PFRDA which is the regulator for promotion and development of an organised pension system to serve the old age income needs of people on a sustainable basis.

The concept of PFRDA was conceived in 1999 when the then government commissioned a project -- OASIS (Old Age Social and Income Security) -- to examine the policy related to old age income security in India.The PFRDA Act was passed on September 19, 2013 and was finally notified in February 2014.