PSUs bid for managing pension funds
7 PSU banks, insurance cos & asset managers have bid for managing the pension funds of government staff.
By PTI |
NEW DELHI: Seven public sector banks, insurance companies and asset managers have bid for managing the pension funds of government staff under a new system, where the employee and employer are required to make a matching contribution.
Punjab National Bank, State Bank of India, UTI Asset Management, Canara Bank, IDBI Capital, LIC and Securities Trading Corporation of India submitted bids for managing the pension funds.
"By next week, we will select the eligible pension fund managers and then assess them on the basis of Request for Qualifications," Pension Fund Regulatory and Development Authority (PFRDA) Executive Director Meena Chaturvedi said.
She said interim regulator PFRDA would finalise 2-3 pension fund managers by mid-July.
Only financial service providers in which government has at least 51 per cent share and manage assets worth Rs 10,000 crore are eligible to apply in the Expressions of Interest. Today was the last date for submitting preliminary bids.
This is an interim mechanism till the pension reforms bill, opposed vehemently by the UPA's Left allies, is passed by Parliament.
Punjab National Bank, State Bank of India, UTI Asset Management, Canara Bank, IDBI Capital, LIC and Securities Trading Corporation of India submitted bids for managing the pension funds.
"By next week, we will select the eligible pension fund managers and then assess them on the basis of Request for Qualifications," Pension Fund Regulatory and Development Authority (PFRDA) Executive Director Meena Chaturvedi said.
She said interim regulator PFRDA would finalise 2-3 pension fund managers by mid-July.
Only financial service providers in which government has at least 51 per cent share and manage assets worth Rs 10,000 crore are eligible to apply in the Expressions of Interest. Today was the last date for submitting preliminary bids.
This is an interim mechanism till the pension reforms bill, opposed vehemently by the UPA's Left allies, is passed by Parliament.
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