High-level panel to assess RBI's EPFO advisory

‘The Employees’ Provident Fund Organisation (EPFO) has decided to form a high-powered committee to study the Reserve Bank of India’s (RBI) recommendations for improving the %2s trillion retirement fund’s investment management and accounting practices, Business Standard has learnt.

- SHIVA RAJORA

The RBI had made a slew of suggestions on the functioning of the country’s largest retirement fund, following a request by the union labour ministry to lend its expertise and help identify gaps in EPFO’s investment strategy and fund management practices, including accounting, risk management, and internal governance.

The high-powered committee, which will include representatives from the central bank as well as the ministries of finance, and labour and employment, would also be tasked with devising a roadmap to implement the RBI's suggestions. The panel is expected to submit its report by the end of this financial year, so that the EPFO could incorporate the requisite improvements in its systems by the turn of 2026-27.