PF ACCOUNT SETTLEMENTS, ONLINE TRANSFER ON CARDS

Taking a strong note of SBI's huge profit erosion for March quarter due to a rise in provisions, accounting regulator ICAI said it will ask the country's largest bank to explain the reasons for earmarking higher provisions for bad loans. The ICAI will also be writing to the RBI and capital market regulator SEBI with regard to the issue. SBI's Q4 profits plunged by nearly 99%For over 47.2 million members of the Employees Provident Fund Organisation (EPFO), the hassles associated with transfer of accounts and withdrawals, is expected to disappear soon. The EPFO is set to introduce the facility for online filing of applications for settlement of money from the EPF accounts and also transfer of accounts from one organisation to another