New Delhi, June 26: The Coal Mines Provident Fund Organisation (CMPFO) has selected Reliance Capital Asset Management Company (RCAM), an Anil Ambani Group company, and ICICI Securities Primary Dealership to manage the over Rs 69,000-crore provident fund corpus of coal industry workers.

The other two fund managers in the race were the State Bank of India and UTI Mutual Fund.

"Of the four fund managers - the SBI, UTI, RCAM and ICICI Securities - RCAM and ICICI Securities have been selected for the management of about Rs 69,000-crore provident fund corpus of the coal industry workers," officials said.

Total investible funds being administered by the Coal Mines Provident Fund Organisation is worth Rs 69,421 crore. This includes funds worth Rs 16,522 crore as on March 31, 2014 under the Special Deposit Scheme 1975.

The PF organisation has a membership of 4.34 lakh workers. The CMPFO is India's second-largest provident fund organisation in terms of assets under management.

Officials said both RCAM and ICICI emerged as the lowest bidders. The four managers had qualified for the financial bid after clearing the technical round.

According to officials, the corpus will further increase as 62,000 contract workers have been added to the fold.

In 2013, a parliamentary panel had expressed its reservations about the CMPFO not parking its funds with public sector banks.