Neha Dhamija
SBI is being asked by the Employee Provident Fund Organization to compensate for keeping money idle for more than a day. The discussion regarding the subject took place last month, in the meeting of FIC (Finance and Investment Committee).
The decision has been reported to the SBI, in writing. However, the bank has yet not agreed to pay any such amount; which can lead to replacement of the institution.
The fine has been imposed owing to non-obedience of one of the clauses contained in the portfolio agreement. This document was signed by SBI, together with the other private fund managers, HSBC AMC, ICICI Prudential AMC and Reliance Capital.
However, the EPFO is believed to turn tough for SBI as the other fund managers have nodded in favour of the decision.
|