Generally, people with job opportunities can not save from their salaries. In this case, the amount of provident fund (PF) is the biggest savings for them. But do you know that the Modi government has taken a big decision about your PF amount?
In fact, the State Bank of India (SBI), that is, SBI will no longer be able to manage your Provident Fund (PF) money. Modi Government has decided that SBI will not be the fund manager of EPFO ??after March 2019.
No new bank will now be working as an asset management company under the new standard of Reserve Bank. At present, SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC are the fund manager of EPFO.
According to Labor Minister Santosh Gangwar, the five fund managers have given time till March. After this, it will be decided who should be appointed as a fund manager.
Gangwar said that we had earlier appointed SBI as a fund manager, but his job is banking and managing the fund is not his job.
Explain that currently there are about 50 million active members of the EPFO.
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