CURRENT AFFAIRS

Detailed explanation-1: -PFRDA and Irdai granted licence to FinMapp to sell NPS, insurance.

Detailed explanation-2: -Annuity Service Provider is an IRDA registered insurance company empanelled by PFRDA for providing of Annuity Services to NPS subscribers upon their exit from the system. ASPs will be responsible for managing the funds (allocated for buying annuity) and payment of the pension after a subscriber attains the age of 60.

Detailed explanation-3: -The powers, functions and duties of NPS Trust are laid down under the PFRDA (National Pension System Trust) Regulations 2015, besides the provisions of the Trust deed dated 27.02. 2008. NPS Trust is the registered owner of all assets under the NPS architecture which is held for the benefit of the subscribers under NPS.

Detailed explanation-4: -PFRDA administers and regulates the National Pension System (NPS) and also administers Atal Pension Yojana.

Detailed explanation-5: -The PFRDA has appointed Tata Pension Management Limited as the latest pension fund manager under the NPS.