Pension regulator invites bids for tech transformation project

  • July 14, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Pension regulator invites bids for tech transformation project

Subject :Economy

Section: Capital market

In News: Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has invited bids from technology firms to participate in the tendering process for PINTRA, the PFRDA intranet system.

Key Points:

  • PINTRA is the first phase of the Authority’s Technology Architecture (TARCH) project, and the pension regulator is in the process of selecting a Systems Integrator (SI) vendor for this module.
  • Going forward, PFRDA also proposes to roll out more technology modules under the TARCH project, including Website Revamp and Chat-bot; PFRDA Online Intermediary Supervision Engine (POISE), and the PFRDA Repository & Information Systems Management: Data and Analytics Platform (PRISM).
  • India’s pension assets (NPS and APY) have been growing at a compounded annual growth of over 20 per cent in recent years, and its assets under management touched ₹9.8 lakh crore as of end-June 2023.
Pension Fund Regulatory and Development Authority

  • Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.
  • NPS was initially notified for central government employees joining services wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.
  • Investments of the corpus or Asset under Management (AUM) of each scheme can go towards the following categories, subject to the respective category limit.
    • Category I: Government Securities & Related Investments: The investment under this category can go up to 55% of the total AUM 
    • Category II: Debt Instruments and Related Instruments: The investment under this category can go up to 45% of the total AUM.
    • Category III: Short Term Debt Instruments and Related: The investment under this category can go up to 10% of the total AUM
    • Category IV: Equities and Related Investments: The investment under this category can go up to 15% of the total AUM.
economy Pension regulator invites bids for tech transformation project