The country's largest lender State Bank of India (SBI) will cease to be a fund manager of retirement fund body EPFO by March-end, as a bank cannot function as an asset management company under the RBI norms.
"We have been told that SBI cannot work (as fund manager of the EPFO). We have not engaged (its arm) SBI Mutual Fund (as fund manager) because it was not there (as an applicant at the time of bidding) earlier,"
