India's Pension Fund Regulatory and Development Authority, or PFRDA, clarified that there was no turf war with Insurance Regulatory and development Authority, or IRDA, on regulating pension products.
"While the pension products of the insurance companies are being managed by IRDA, PFRDA is regulating the National Pension Scheme, or NPS. There is no dispute between the regulators and no reference has been made to the Financial Stability and Development Council, or FSDC, regarding the matter, media reports quoted PFRDA chairman Yogesh Agarwal as saying on the sidelines of a conference organized by Union Bank of India to launch the facility of handling NPS through its branches.
NPS is a much superior product, both in terms of returns and architecture and because of various facets of the scheme, we may witness a trend where people may gradually move from insurance companies, Agarwal said.
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