Prior to taking over this new assignment, Mohanty was the Whole-Time Member (Economics) of PFRDA for two years overseeing areas of development and regulation of pension funds.

Earlier, he was an Executive Director at the Reserve Bank of India (RBI) overseeing areas of enforcement of banking regulation, risk management, internal audit and inspection, financial stability, monetary policy, economic research, and statistics. 

The Centre has also appointed Mamta Shankar (IES: 1993), Senior Economic Advisor in the Department of Food and Public Distribution to the post of Whole-Time Member (economics) in PFRDA. Her appointment is valid for a period of three years or till she attains the age of 62 years.