R V Verma takes charge as whole-time member PFRDA

R V Verma has taken charge as a whole-time member (Finance) of the Pension Fund Regulatory and Development Authority (PFRDA).

He has also been given charge of interim chairman till the appointment of regular head, a senior PFRDA official said.

Prior to this, he was Chairman and Managing Director of National Housing Bank, the regulator for housing finance companies.

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.