Explanation – T V Somanathan, who is the Finance Secretary of India, has chaired multiple committees to examine various aspects of the country’s financial and economic systems. Some of the objectives of the committees include: Reviewing the National Pension System (NPS) for government employees and suggesting reforms to address the needs of the employees while maintaining fiscal prudence and Developing uniform Know Your Customer (KYC) norms across different sectors to streamline the process and make it more customer-friendly.

Source: Forum IAS