Latest news with #PFRDA
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Business Standard
5 hours ago
- Business
- Business Standard
Sivasubramanian Ramann takes charge as PFRDA chairperson for five years
Sivasubramanian Ramann on Friday assumed charge as the chairperson of the Pension Fund Regulatory and Development Authority (PFRDA). 'He has been appointed by the Government of India vide notification dated April 8, 2025, for a tenure of five years with effect from the date of assumption of charge of the post, or till he attains the age of 65 years, or until further orders, whichever is the earliest,' said the PFRDA statement. He replaced Deepak Mohanty, who was appointed in March 2023. Ramann is an officer of the Indian Audit and Accounts Service (IA&AS) from the 1991 batch. Prior to joining PFRDA, he served as deputy comptroller and auditor general and chief technology officer in the Office of the Comptroller and Auditor General of India. He has previously held several leadership positions, including chairman and managing director of the Small Industries Development Bank of India (SIDBI), managing director and chief executive officer of National E-Governance Services Ltd (NeSL), and principal accountant general of the state of Jharkhand. From 2006 to 2013, he also served as chief general manager and later as executive director at the Securities and Exchange Board of India (SEBI). Ramann holds a bachelor's degree in economics and an MBA from the University of Delhi. The new chairman will receive a consolidated monthly pay and allowances of ₹5,62,500 without the facility of house or car. The PFRDA had invited applications for the post in late November, along with those for two whole-time members. He also possesses multiple professional and academic qualifications, including an MSc in Financial Regulation from the London School of Economics and Political Science, an LLB, a Chief Digital Officer certification from the Indian School of Business, the Certified Internal Auditor credential from the Institute of Internal Auditors (IIA), Florida, and a postgraduate diploma in securities law. PFRDA was created in 2003 with the goal of promoting, regulating and developing the pension industry in the country. Initially designed exclusively for government employees, its services were subsequently expanded to include all Indian nationals and NRIs, including the self-employed. India's demographic trends, characterised by a rapidly ageing population and increasing life expectancy, underscore the critical need for financial security post-retirement. However, only 5.7 per cent of Indian household assets are allocated to provident and pension funds, reflecting a significant gap in retirement preparedness.
India Gazette
7 hours ago
- Business
- India Gazette
Sivasubramanian Ramann assumes charge as the new Chairperson of PFRDA
ANI 20 Jun 2025, 16:48 GMT+10 New Delhi [India], June 20 (ANI): Sivasubramanian Ramann assumed charge as the Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA) on Friday, according to Press Information Bureau, Ministry of Finance press release. 'He has been appointed by the Government of India vide notification dated 8th April 2025 for a tenure of five years with effect from the date of assumption of charge of the post or till he attains the age of 65 years, or until further orders, whichever is the earliest,' the release said in a Sivasubramanian Ramann 1991 batch officer, worked as an official of the Indian Audit & Accounts Service (IA&AS). Before joining PFRDA, S. Ramann was the Deputy Comptroller & Auditor General and Chief Technology Officer in the Office of the Comptroller and Auditor General of he has held several leadership positions, including Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI), Managing Director and Chief Executive Officer of National E-Governance Services Ltd. (NeSL), and Principal Accountant General of the State of Jharkhand. For the period 2006 to 2013, he also served as Chief General Manager (CGM) and then as Executive Director at the Securities and Exchange Board of India (SEBI).Sivasubramanian Ramann holds a Bachelor's degree in Economics and an MBA from the University of Delhi. He also possesses multiple professional and academic qualifications, including in Financial Regulation from the London School of Economics and Political Science, LLB, a Chief Digital Officer certification from the Indian School of Business and the Certified Internal Auditor credential from the Institute of Internal Auditors (IIA), Florida, and a Post Graduate Diploma in Securities Law. (ANI)
Mint
8 hours ago
- Business
- Mint
Sivasubramanian Ramann assumes charge as the chairperson of PFRDA
The government on Friday appointed Sivasubramanian Ramann as the new chairperson of the Pension Fund Regulatory and Development Authority (PFRDA). He was appointed by a notification on 8 April for a tenure of five years with effect from the date of assumption of charge of the post or till he attains the age of 65 years, or until further orders, whichever is the earliest. Ramann is an officer of the Indian Audit & Accounts Service (IA&AS) from the 1991 batch. Prior to joining PFRDA, he served as deputy comptroller and auditor general and chief technology officer in the office of the comptroller and auditor general of India. He has previously held several leadership positions, including chairman and managing director of the Small Industries Development Bank of India (SIDBI), managing director and chief executive officer of National E-Governance Services Ltd. (NeSL), and principal accountant general of Jharkhand. From 2006 to 2013, he also served as chief general manager (CGM) and then as executive director at the Securities and Exchange Board of India (Sebi). Ramann holds a Bachelor's degree in economics and an MBA from the University of Delhi. He also possesses multiple professional and academic qualifications, including an in Financial Regulation from the London School of Economics, an LLB, a Chief Digital Officer certification from the Indian School of Business, the Certified Internal Auditor credential from the Institute of Internal Auditors (IIA), Florida, and a Post Graduate Diploma in Securities Law. With his vast experience in public finance, technology and financial regulation, Ramann will guide PFRDA in its objective to strengthen India's pension system and promote retirement security for all citizens, a finance ministry statement said.
India.com
11 hours ago
- Business
- India.com
Sivasubramanian Ramann Takes Charge As PFRDA Chairperson: Finance Ministry
New Delhi: Sivasubramanian Ramann on Friday assumed charge as the Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), according to a Finance Ministry statement. He has been appointed for a tenure of five years, with effect from the date of assumption of charge of the post or till he attains the age of 65 years, or until further orders, whichever is the earliest, the statement read. Ramann served as an officer of the Indian Audit and Accounts Service (IA&AS) from the 1991 batch. Prior to joining PFRDA, he served as the Deputy Comptroller and Auditor General and Chief Technology Officer in the Office of the Comptroller and Auditor General of India. According to the ministry, he has previously held several leadership positions, including Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI), Managing Director and Chief Executive Officer of National E-Governance Services Ltd. (NeSL), and Principal Accountant General of the State of Jharkhand. For period 2006 to 2013, he also served as Chief General Manager (CGM) and then as Executive Director at the Securities and Exchange Board of India (SEBI). Ramann holds a Bachelor's degree in Economics and an MBA from the University of Delhi. He also has multiple professional and academic qualifications. 'With his vast experience in public finance, technology, and financial regulation, Ramann will guide PFRDA in its objective to strengthen India's pension system and promote retirement security for all citizens,' said the ministry. Meanwhile, the National Pension System (NPS) has emerged as a cornerstone of India's pension sector with an accumulated corpus of Rs 14.4 lakh crore and 8.4 crore subscribers under NPS and the Atal Pension Yojana (APY), said PFRDA chairman Deepak Mohanty during an event in April. Minister of State for Finance, Pankaj Chaudhary, said India's demographic landscape is rapidly changing and with 19 per cent of the population projected to be elderly by the mid-century, securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country.
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Business Standard
11-06-2025
- Business
- Business Standard
Rs 78,213 crore in unclaimed bank deposits: Govt to speed up refunds
Finance Minister Nirmala Sitharaman on Tuesday called on financial sector regulators to accelerate the refund of unclaimed deposits to their rightful owners and to simplify Know Your Customer (KYC) processes for citizens, including Non-Resident Indians (NRIs). Chairing the 29th meeting of the Financial Stability and Development Council (FSDC), the Minister emphasized the need to ensure a citizen-friendly financial system with greater transparency, ease of access, and digital efficiency. Reforms and KYC norms: The Finance Ministry highlighted that unclaimed bank deposits have soared 26% year-on-year, reaching Rs 78,213 crore as of March 2024, according to the latest RBI data. Deposits under the Depositor Education and Awareness Fund alone stood at Rs 62,225 crore by the end of March 2023. These figures include: Dormant bank accounts Unclaimed shares and dividends (handled by IEPFA) Lapsed insurance and pension funds (managed by IRDAI and PFRDA) Recognising this growing pool of unclaimed money, the Finance Minister instructed key regulatory bodies—RBI, SEBI, MCA, PFRDA, and IRDA—to launch district-level special camps aimed at returning unclaimed amounts to rightful owners quickly and efficiently. She exhorted the Council to take proactive steps to ensure that citizens should have a seamless experience with respect to KYC processes across the financial sector, the finance ministry said in a statement. There is a need for common KYC norms, simplification and digitalisation of the KYC process including digital onboarding for Non-Resident Indians (NRIs) including PIOs and OCIs, in the Indian securities market. The minister urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level camps. 'We must ensure that the interest of the common citizen is at the centre of our efforts. Refunds must be made expeditiously,' Sitharaman stated. A push for Digital KYC Another major focus of the meeting was the simplification and digitalisation of the KYC process across sectors. The Minister stressed the urgent need for a common KYC framework that works seamlessly across banks, insurance companies, pension agencies, and the securities market. The KYC process, she said, must be especially accessible to NRIs, Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) through easy digital onboarding mechanisms. FSDC's Broader Agenda: Cybersecurity, Financial Stability & Regulation The FSDC also discussed macro-financial risks, emerging global trends, and India's preparedness to maintain economic stability. It called for proactive efforts to strengthen the financial system's resilience and emphasised the importance of inter-regulatory coordination to manage potential systemic risks. One of the key proposals discussed was the creation of a dedicated cybersecurity strategy tailored for the financial sector, in line with the Financial Sector Assessment Programme (FSAP) 2024–25. Key Takeaways from the FSDC Meeting: Regulators directed to refund unclaimed deposits quickly, using local outreach. Push for a unified, simplified KYC system, especially for NRIs. Focus on cybersecurity enhancements in financial institutions. Strengthening of inter-regulatory coordination for financial stability. Review of regulatory responsiveness to past policy and budgetary decisions. Who attended? The meeting was attended by top officials including RBI Governor Shaktikanta Das, SEBI Chairperson Tuhin Kanta Pandey, and IFSCA Chairperson K Rajaraman, along with senior representatives from IRDAI, PFRDA, IBBI, and various central government departments.
