Turning down the proposal of the private players for providing retirement funds, Employees Provident Fund Organisation (EPFO) on Wednesday entrusted the State bank of India (SBI) to manage its corpus of over three lakh crore for three months ending this June. After heading the meeting of Central Board of Trustees, in New Delhi , Labour Minister Mallikarjun Kharge said that SBI alone will manage the entire retirement fund for the interim period of three months beginning April 1. The CBT came to this interim arrangement as EPFO is yet to complete the process of appointing new fund managers. The term of the four fund a mangers is going to expire tomorrow. The EPFO had planned to appoint new fund managers for next three financial years. ICICI Prudential, HSBC and Reliance Capital had also approached the board to extend their term as fund managers. EPFO had engaged private fund mangers for the first time in July 2008. Prior to that SBI alone used to manage the fund.