Online BusinessPFRDA may take up SBI employees pension corpus
Country"s largest lender State Bank of India"s (SBI) pension corpus could be regulated by the Pension Fund Regulatory and Development Authority (PFRDA), opening a new area for the interim regulator.
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"We have given approval to SBI for management of its pension corpus by our fund managers and now they are talking with its trust," a PFRDA official told PTI.
Regulating the corpus of companies is a new area for the interim regulator. Till now, PFRDA-appointed fund managers, under the New Pension System (NPS), were handling only the corpus of individuals.
Six PFRDA-appointed fund managers —IDFC Mutual Fund, Kotak Mahindra, SBI, UTI Asset Management, ICICI Prudential Life Insurance and Reliance MF— are handling the corpus under the NPS, which was thrown open to all citizens from May 1 this year.
There are 22 contact and collection centres-- Points of Presence-- including State Bank of India, ICICI Bank, the Postal Department, IDBI Bank, Oriental Bank of Commerce, Axis Bank and Union Bank of India for all citizens" scheme.