The government has appointed Sivasubramanian Ramann as the new Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA). The Appointments Committee of the Cabinet (ACC) has approved his appointment for a five-year tenure.
Who is Sivasubramanian Ramann?
Before taking on this role, Ramann served as the Deputy Comptroller & Auditor General (CAG) and Chief Technology Officer at the CAG of India. His experience in finance and auditing is expected to strengthen the functioning of PFRDA.
What is PFRDA?
The Pension Fund Regulatory and Development Authority (PFRDA) is a statutory body responsible for regulating and developing India’s pension sector. It was established under the PFRDA Act, 2013, and operates under the Ministry of Finance.
The regulator primarily oversees the National Pension System (NPS) and ensures the structured growth of pension services in India.
Key Functions of PFRDA
- Regulation & Supervision: Monitors and regulates pension funds across the country.
- Promoting Retirement Savings: Encourages long-term savings through the NPS and Atal Pension Yojana (APY).
- Transparency & Efficiency: Ensures pension funds are managed in a fair and efficient manner.
- Subscriber Protection: Works to safeguard the interests of NPS account holders.
- Pension Sector Reforms: Introduces policies to expand pension coverage and enhance financial security for citizens.
With Ramann at the helm, PFRDA is expected to focus on increasing pension coverage and improving fund management efficiency in India.
