SBI Pension Fund can manage staff corpus

SBI Pension Fund has received permission from the Pension Fund Regulatory and Development Authority (PFRDA) to manage the pension money of State Bank of India employees. Prior to the approval, the fund with a corpus of Rs 15,000 Cr. was managed by an in-house trust. According to sources, initially, SBI PF has been given around Rs 2,000 Cr. of the total funds to manage. The remaining corpus amount will be gradually transferred to SBI PF. This move will substantially increase the funds under the management of SBI Pension Fund. However, it is learnt, that the transfer is yet to the approved by the SBI Board. SBI PF has also been allowed to charge higher rates for managing the pension funds of SBI...

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Govt to support banks merger: Mukherjee

The Central Government would support public sector banks to merge if they wanted, provided they fulfilled the guidelines of the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), Finance Minister Pranab Mukherjee said on Monday.“If someone decides to merge, if we see it is in conformity with our policy and if we find that parameters are being followed as per SEBI and RBI guidelines,” then the government would play a “supportive role,” he said in reply to a calling attention motion in the Lok Sabha.Maintaining that the government had itself not taken any initiative to ask public sector banks to go for merger, he said it did not intend to interfere in their routine...

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Govt not forcing public sector banks on consolidation'

The Finance Minister, Mr Pranab Mukherjee, on Monday said that although mergers and acquisitions are needed in the interest of the economy, the Government was not forcing public sector banks (PSBs) to go in for consolidation.He made it clear that the Government would endorse consolidation proposals of PSBs if the parameters were in conformity with the Securities and Exchange Board of India and Reserve Bank of India guidelin...

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