Government appoints R V Verma as Whole-Time Member (Finance) in Pension Fund Regulatory and Development Authority

NEW DELHI: The government has appointed R V Verma as a member of the Pension Fund Regulatory and Development Authority (PFRDA). Verma has been appointed as Whole-Time Member (Finance) in the PFRDA, the Finance Ministry said in a notification.

He at present is Chairman and Managing Director of National Housing Bank, the regulator for housing finance companies. Verma is the first Whole-Time Member to be appointed by the government after PFRDA Act was notified last year. The government is yet to decide on the appointment of PFRDA Chairman, a post which has been lying vacant since November last year. The PFRDA consists of a chairperson and at least three whole-time members.

The chairperson and every whole-time member would hold office for a term of five years and would be eligible for reappointment. The age limit for chairperson is 65 years, while for whole-time members it is 62 years. The PFRDA was established by the government in August 2003 to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds.