Mr. Hemant Contractor was the first Chairman to head the statutory body, Pension Fund Regulatory and Development Authority (PFRDA) after notification of the PFRDA Act in 2014. He was appointed Chairman of PFRDA in October 2014 for a term of 5 years. During his tenure, the flagship pension scheme, National Pension System regulated by PFRDA grew five fold.
Prior to joining PFRDA, Mr. Contractor was a career banker with India’s largest bank State Bank of India from 1974 till 2014 when he retired as the Managing Director. He held several positions in the bank, most notably, Chief Financial Officer, Group Executive for Commercial Banking, Group Executive for International Banking and Managing Director. He has served on the boards of NSDL and Nuclear Power Corporation of India, besides the State Bank of India. He was Chairman of several overseas subsidiaries of SBI, such as SBI California, SBI Canada, SBI Mauritius besides being a Board Member on SBI’s Indonesian subsidiary. Currently, he is a member of RBI’s Standing Committee on issue of licences for Universal Banks and Small Finance Banks