Wanted: Providence Too

"Nobody knows how many EPFO accounts exist, how many are active or closed," says a former EPFO trustee. Siemens, entrusted to computerise the EPFO's records in 2003, has failed; the NIC is now on the job. But, considering that the fund is in deficit, computerisation will highlight rather than solve the EPFO's problems.

Nevertheless, the new fund managers are expected to improve chances for higher returns. But here, too, a controversy: Reliance AMC is among those selected, but there are claims that last-minute contrivances played a role in making this possible. The other winners are HSBC AMC, ICICI Prudential AMC and SBI AMC. Central PF commissioner A. Visvanathan denies mismanagement or wrongdoing during the bids or later. He avers that Reliance and SBI had the same bid, and that Reliance, "in all fairness", ought to be on board.