SBI to manage EPFO's Rs 3-lakh-cr fund till June 30

The Employees Provident Fund Organisation (EPFO) on Wednesday said its corpus of about Rs 3.5 lakh crore will now be managed only by State Bank of India for a three-month period ending June 30, in an interim arrangement.

In a meet of its trustees here, the body turned down the proposal to give a three-month extension to the other existing fund managers — ICICI Prudential, HSBC and Reliance Capital. The three private players were earlier managing the bulk of the total corpus.

“The EPFO's apex decision making body, the Central Board of Trustees (CBT), has decided SBI alone will manage the entire retirement fund for the interim period of three months beginning April 1,” said Labour Minister Mallikarjun Kharge.

Source: Business Standard