Hemant was the former Managing Director of State Bank of India.
Hemant G Contractor, former Managing Director of State Bank of India (SBI) was appointed as the new Chairman of Pension Fund Regulatory and Development Authority (PFRDA) with the effect from October 7.
The position was vacant since November 20143 after the resignation of former Chairman Yogesh Aggarwal. He is the second Chairman of PFRDA.
An official order released by PFRDA said, “Pursuant to the department of financial service ministry of finance, government of India Notification dated 30th September, 2014, Hemant G Contractor has assumed charge of Chairman, PFRDA on 7th October 2014 (forenoon) for a period of five years or till attaining the age of 65 years of until further orders, whichever is earliest.” The finance ministry said to had received around 85 applications for this post.
Contractor, 60, is a graduate in arts and holds a certification in ACIB (Associate of Chartered Institute of Bankers). He started his career as a Probationary Officer with SBI in 1974. During his 37 years stint in SBI he held several positions like Group Executive of International Banking and Chief Financial Officer. He also served as a Director of National Securities Depository Ltd. (NSDL) and Nuclear Power Corporation of India Limited (NPCIL).