The name of Bandyopadhyay was cleared by the Appointments Committee of Cabinet, an official order said.
He was working as Member (Finance) in the Pension Fund Regulatory and Development Authority (PFRDA).
The order said Bandyopadhyay has been appointed for a period of five years, with effect from the date of assumption of charge of the post or till attaining the age of 65 years or until further orders, whichever is the earliest.
The concept of PFRDA was conceived in 1999 when the then government commissioned a project -- OASIS (Old Age Social and Income Security) -- to examine the policy related to old age income security in India.
The PFRDA Act was passed on September 19, 2013 and was finally notified in February 2014. The body regulates the National Pension Scheme subscribed by government and private employees from organised and unorganised sectors.
The PFRDA consists of a chairperson and not more than six members, three of whom shall be whole-time members and appointed by the central government.