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Finally, the Centre has appointed IDBI Bank CMD Yogesh Agarwal as chairman of the interim Pension Fund Regulatory Development Authority (PFRDA). The appointment order for Agarwal has been issued early this week by the ministry of finance.Agarwal, who has been appointed for five years, is expected to take charge in a fortnight.This is the first time that a public sector bank head has been selected to run the regulatory institution. Though the ministry had proposed Agarwal's name in January, it took time to get approval from the Prime Minister's Office.The pension sector regulator has been without a regular chairman for over a month since D Swarup retired on December 4, 2009, and currently R Gopalan, secretary, financial services, is holding the charge of the pension body.RM Malla, the chairman & managing director of Sidbi, is expected to succeed Agarawal in IDBI.A four-member committee, headed by the finance secretary Ashok Chawla, former chairman of Securities & Exchange Board of India GN Bajpai, Indian Institute of Management (Calcutta) director Shekhar Chaudhuri and personnel secretary Shantanu Consul had interviewed the then revenue secretary PV Bhide, transport secretary Brahm Dutt along with Agarwal for selecting the new PFRDA chairman.An alumnus of BITS, Pilani, Agarwal started off as a probationary officer in 1972 and has held top notch executive positions in State Bank of Patiala and State Bank of India.
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