EPFO allows pvt. banks to transact pension fund

NEW DELHI: India’s retirement fund body EPFO allowed private banks to transact Provident Fund payments, a move that is aimed to help millions of salaried people at a time when it has reduced the interest rate from last year. Earlier, India’s largest public sector bank, SBI, was the sole channel for payments for pension. On Wednesday, the EPFO signed pacts with ICICI Bank, HDFC Bank,
Axis Bank, Kotak Mahindra Bank and Bank of Baroda to expedite investments.

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source: http://paper.hindustantimes.com

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