Setting up of NPS oversight mechanism – RBA No. 15/2020
GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
RBA No. 15/2020
New Delhi, dated: 27.02.2020
All Indian Railways and PUs
Sub: Setting up of NPS oversight mechanism
Ref: Board’s letter of even no. dated 22.07.2019 (RBA No. 58/2019)
Please connect Board’s letter under reference requesting Railways to set up Committee comprising of FA&CAC in charge of NPS, Dy. CPO and Dy. FA&CAO to ensure the following:
i. Ensuring that the contributions of employees and the Government are credited without delay to the NPS financial architecture both in case of existing employees and employees newly recruited from time to time and the existing system and procedure being followed for the purpose shall be monitored effectively to ensure that no delay in credit of the contributions takes place,
ii. Ensuring that in case any grievance by any employee is received in regard to delay in credit of contribution, either directly from the employee or through PFRDA, the same has been looked into and disposed of in a manner to the satisfaction of the concerned employees.
iii.Any other matter as having a bearing on the issue of crediting/remittance of NPS contributions,
iv. Devise its own mechanism as also appropriate checks and balances to ensure that NPS contributions are credited on time in respect of all employees under NPS system.
v. The Committee shall meet at least-once in 3 months to review the progress and in case any slippages are notices, it shall take immediate corrective action. However, the concerned officers shall keep a watch over the progress on a regular basis.
READ PFRDA Circular on Option for Complete Withdrawal in case of exit at the age of Superannuation or 60 Years – Request cum undertaking form
The letter envisaged review of the NPS processes on above parameters and submission of quarterly report by 1st of the month following each quarter. The replies received from the Railways are, however, very general in nature, not adequate to establish status of compliance on Railways. It is, therefore, requested that the Committee may review the position w.r.t. the desired parameters and send a report in the enclosed format to facilitate correct assessment of the position. It may kindly be noted that with the new rules, delay in remittances of NPS fund shall how attract penal interest,
Kindly ensure compliance.
DA: As above.
Pr. Executive Director Accounts