SBI, Reliance Capital, ICICI Prudential and HSBC to manage EPF

In a significant decision, the government has appointed State Bank of India (SBI), ICICI Prudential, Reliance Capital and HSBC to manage EPF (Employees' Pension Fund), which is the largest pension fund of the country. The above organizations will manage the EPF from September onwards.

The Employees' Provident Fund Organisation (EPFO) had invited bids from state-run and private fund managers to manage the EPF, which has assets of more than $36.6 billion. Out of the 22 bids received, it had selected 5 banks. The latest decision ended SBI's monopoly over the management of EPF.