EPFO: The Employees’ Provident Fund Organisation (EPFO) has partnered with an additional 15 public and private sector banks to facilitate the collection of contributions. This collaboration is expected to facilitate direct payments amounting to approximately Rs 12,000 crore to the EPFO’s annual revenue.
Direct access to the EPFO services
Furthermore, it will grant employers with accounts at these banks direct access to the EPFO services. With this latest agreement, the total number of banks participating in the EPFO initiative has increased to 32, building on the existing 17 banks already involved in processing monthly contributions.
On this occasion, Union Minister of Labor and Employment Dr. Mansukh Mandaviya remarked that organizations like the EPFO play a crucial role in the nation’s advancement and are instrumental in shaping its future. He noted that the EPFO serves around 8 crore active members and over 78 lakh pensioners.
Dr. Mandaviya highlighted the recent launch of EPFO 2.01, which has led to the development of a robust IT infrastructure, significantly enhancing the claim settlement process. He reported that in the financial year 2024-25, the EPFO successfully settled over 6 crore claims, marking a 35 percent increase compared to the 4.45 crore claims settled in the previous year (2023-24).
The Union Minister stated, “This system will benefit more than 78 lakh pensioners, enabling them to receive their pensions in any bank account throughout the country. Previously, pensioners were required to maintain an account with a specific regional bank; this stipulation has now been removed.”
Under PM Shri @narendramodi ji’s visionary leadership, EPFO is becoming stronger, more accessible, and future-ready for India’s workforce!
Today, EPFO expanded its Multi Banking Centralised Collection System by empanelling 15 more banks, taking the total to 32. This initiative… pic.twitter.com/Cfoup3Hrxm
— Dr Mansukh Mandaviya (@mansukhmandviya) April 1, 2025
Mandaviya further expressed, “Our focus is on simplifying processes for members and enhancing the ease of doing business for employers. With the ongoing support of our banking partners, employers, and members, we are committed to taking decisive actions towards achieving the vision of a developed India by further reinforcing our social security framework.”