Standard Chartered Bank appointed Custodian of Securities of the EPFO by CBT

The Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) on 27 July 2011 approved the appointment of Standard Chartered Bank as the custodian of securities of the EPFO. The Central Board of Trustees (CBT) is the apex body of the Employees Provident Fund Organisation. At the 196th meeting of the CBT, it also approved the appointment of Mumbai-based Chandbhoy and Jassoobhoy as External Concurrent Auditor to audit the investments of the EPFO funds.

CBT had in an earlier meeting held in Delhi approved four fund managers to handle EPF funds, invested in public and private sectors, including the stock market. The fund managers approved included- State Bank of India, ICICI Bank, HSBC Bank and Reliance Capital.
A total of five crore employees came under the EPFO. The total fund size was Rs.3.50 lakh crore. Of this, about Rs.60000 crore was reinvested every year, while Rs.40000 crore was collected annually.

Of the total EPFO funds, Rs.50000 crore was invested in special deposit schemes of the government, while a fixed amount of Rs.50000 crore would be with the Central Government. The remaining Rs.2.50 lakh crore is to be distributed among the four fund managers, who would manage the funds under government supervision, said the official.

The fund managers will invest funds as per the pattern of investment specified by the Ministry of Finance and approved by the Ministry of Labour.