Once integrated, claim amounts can be easily accessed by the subscribers via digital wallets, mention sources. This would minimise the processing time and lead to an enhanced user-friendly experience.
Key Highlights:
- EPF to integrate UPI for faster claim processing
- It is in discussion with NPCI to introduce the feature soon
- About 7.4 million subscribers will benefit from the said move
UPI Integration:
- The Employees’ Provident Fund Organisation (EPFO) is planning to introduce UPI-based withdrawals for EPF claims.
- This initiative aims to streamline and accelerate the process of fund transfers to subscribers.
Timeline:
- The EPFO is targeting to roll out this feature within the next 2 to 3 months.
Purpose:
- This is part of the EPFO’s ongoing efforts to enhance efficiency and improve service delivery to its millions of subscribers.
- It’s designed to make accessing EPF funds more convenient and faster.
Collaboration:
- The EPFO is working with the National Payments Corporation of India (NPCI) to implement this feature on UPI platforms.
- Also the labour ministry is working with commercial banks and the RBI to update digital systems.
Benefits:
- Faster and more convenient fund transfers.
- Increased accessibility, particularly for subscribers in remote areas.
- Reduced processing times and paperwork.
- Increased numbers of auto claim settlements.
Employees’ Provident Fund Organisation (EPFO) members may soon be able to withdraw employee provident fund (EPF) claims via United Payment Interface (UPI) as the government aims for faster and seamless fund transfers.
- Source: Click Here
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