StanChart selected as custodian by EPFO 01 August 2011Bangalore Reporter: Anna Reitman
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Standard Chartered Bank has been appointed custodian of the Employees' Provident Fund Organisation, India (EPFO).
Union labour minister and chair of the Central Board of Trustees (CBT) meeting, Mallikarjun Kharge, said the appointments were made following the calling of bids on an all-India basis, the Hindu reports.
The EPFO is one of the largest provident funds in the world in terms of members and financial transaction volume.
Earlier at its meeting in Delhi, CBT had approved four fund managers to handle EPF funds invested both in public and private sectors, including the stock market. They are State Bank of India, ICICI Bank, HSBC Bank and Reliance Capital.
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