New Delhi : Generally, people with job opportunities cannot 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), 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.
Under the new standard of RBI, any bank will no longer work as an asset management company. 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 its job is banking not managing the fund. Explain that currently there are about 50 million active members of the EPFO.