One more Private Fund Manager has been approved by the Central Board of Trustees for the Employees Provident Funds for the next three years from this financial year. The new Fund Manager is UTI AMC. The earlier 4 Fund Managers are SBI, ICICI Securities PD Limited, Reliance Capital AML and HSBC AMC. SBI is only the government/PSU Fund Manager.
EPFO has got a corpus of over Rs. 6.5 lakh crore and the major part will be going to the private Fund managers. The safety of the hard earned money of the PF subscribers are in danger.