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[Cites 0, Cited by 0] [Section 16(7)] [Section 16] [Entire Act]

Union of India - Subsection

Section 16(7)(b) in Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015

(b)monitoring, review, evaluating and inspecting systems and controls, -
(i)Trustee Bank must have adequate mechanisms for reviewing, monitoring and evaluating its controls, systems, procedures and safeguards;
(ii)where the records are kept electronically, it must take precautions necessary to ensure that continuity in recordkeeping is not lost or destroyed and that a sufficient back-up of records is available;
(iii)Trustee Bank shall have its systems inspected annually at its own cost, under the mechanism referred to in sub-clause (i), by an expert and this expert shall forward the inspection report within one month from the date of inspection to the Authority;
(iv)Trustee Bank shall establish and maintain adequate infrastructural facilities to be able to discharge its role and responsibilities as per the "service-level agreement" with the National Pension System Trust, and the operating procedures and systems of the Trustee Bank shall be adequately documented and backed by operation manuals.