POSB and EPFO: Government Seeks RBI Oversight
Why in the news
Control and fund-management lapses led the government to seek RBI’s supervisory and advisory help for two social security bodies.
Key facts
| Body | Issue |
|---|---|
| POSB | Manual manipulation of the Sanchay Post database; MoU with RBI proposed |
| EPFO | Accounting anomalies and conflict of interest; guidance sought in February 2025 |
- POSB works under the Ministry of Finance and the Payment and Settlement Systems Act, 2007.
- RBI flagged no mark-to-market valuation or loss provisioning at EPFO.
- Advice: actuarial assessments and gradual diversification into equities and alternatives.
Exam angle
- Acts and databases named: PSS Act 2007, Sanchay Post.