RAILWAYS - Setting up of NPS oversight mechanism

Setting up of NPS oversight mechanism - RAILWAYS

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

RBE NO.58/2019
NO.2014/AC-II/21/6 Vol.I

New Delhi, dated 22.07.2019

General Managers,
All Indian Railways/PUSs etc.

Sub: Setting up of NPS oversight mechanism

Timely credit of deduction made from the salary of Central Government employees towards their contribution to NPS along with the Government contribution is of paramount importance for availability of due and timely returns thereon towards generation of pension corpus. Department of Expenditure vide their letter no. 1(24)/EV/2016 dated 02.07.2019 has desired setting up of an oversight mechanism to ensure oversight over the NPS contributions crediting. Accordingly, Board has decided that monitoring Committees, comprising of the following officers may be formed on each Railway/Unit:

1. FA&CAO in charge of NPS - Convener
2. Dy. CPO in charge of Bills & Settlement - Member
3. Dy. FA&CAO in charge of NPS - Member
4. The Committee shall be responsible for the following actions:

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. The Committee shall 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 Principal FA and Pr. CPO shall keep a watch over the progress on a regular basis.

The Committee shall oversee implementation of the NPS system as per action points brought out above and send status report on quarterly basis by 5th of the month following each quarter (i.e.. 5th April, 5th July, 5th October and 5th January) highlighting the result of the monitoring with concluding remarks whether the NPS contributions are being credited on time and in case of any slippages, the details of action taken for the same.

The names of the officers nominated in the Committee may be advised to Railway Board along with their mobile no. and email id. latest by 25th July, 2019.

(Vijay Kumar)
Financial Commissioner (Railways)