EPFO 3.0: If you are a PF account holder, this news could be very important for you. EPFO has recently completely upgraded its software and online portal. This new system has been named EPFO 3.0. A modern, cloud-based, and user-friendly platform has been launched in place of the old portal, providing members with more convenience than ever before.
New Update Makes Work Easier
After the new update, the PF claim settlement process has become much faster. Now, with the help of Artificial Intelligence (AI), claims are being settled within 24 hours in many cases. In addition, members can now withdraw their PF amount instantly through ATM and UPI.
Under EPFO 3.0, partial withdrawal from PF for needs such as education, marriage, buying a house, and unemployment has become easier and faster. The need for lengthy processes and repeated submission of documents has been largely eliminated.
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Profile Update Facility Without Documents
In the new portal, members can now update their information, such as name, date of birth, and gender, themselves without any documents. The portal also includes options for several regional languages, including Hindi, with AI-based translation facilities.
Mobile App Made More Efficient
The EPFO mobile app has also been made more useful. Now members can easily track the claim status, passbook, and account-related information. This will reduce the need to visit offices.
EPFO Moving Towards Core Banking System
According to media reports, EPFO is now working towards a core banking solution. This change is part of the preparation to cover employees from both the organized and unorganized sectors after the implementation of the new labor code. Currently, EPFO has approximately 8 crore active members, and the organization manages a fund of approximately Rs. 28 lakh crore.
Meanwhile, another piece of good news has emerged for EPFO account holders. The Ministry of Home Affairs has formed a high-level committee to curb online fraud, especially cases like “digital arrest.”
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Online Fraud to be Stopped with a ‘Kill Switch’
This committee is considering an emergency feature called a “kill switch.” With this feature, if a person suspects they are about to be defrauded, they can immediately stop all transactions from their bank account or mobile device.
How the Kill Switch Will Work
According to the proposal, an emergency button could be added to all banking and payment apps, such as UPI. As soon as a user suspects fraud, they can press this button to instantly freeze the ability to send and receive money from their account. This would prevent scammers from transferring the money before the transaction is completed.
Government officials say that discussions are also underway to introduce an insurance system to compensate for losses incurred due to banking fraud. This would provide financial security to victims of fraud.