EPFO: The Employees’ Provident Fund Organisation (EPFO) is considering allowing its members to withdraw a portion of their deposits through ATMs until January 2026. According to a report, the Central Board of Trustees (CBT), the EPFO’s highest decision-making body, is likely to approve the facility at its meeting in the second week of October.
According to a report, a CBT member said that the EPFO’s IT infrastructure is now ready for such transactions, although the ATM withdrawal limit is yet to be finalized. Currently, the EPFO has a total fund of over Rs 28 lakh crore and approximately 78 million members. In 2014, these figures were Rs 7.4 lakh crore and 33 million members, respectively.
According to a senior Labour Ministry official, this facility is necessary to provide members with easier access to their deposits. The ministry has also held discussions with banks and the RBI to implement this facility. According to sources, the EPFO may issue special cards to its members, allowing them to withdraw portions of their funds from ATMs.
Experts believe this facility will make it easier for members to access funds, especially in emergency situations, as current withdrawals often involve procedural delays and paperwork. However, experts also said that to successfully implement this facility, the EPFO will need to strengthen its digital infrastructure and coordination with the banking system.
Experts say that allowing EPFO fund withdrawals through ATMs will make it more convenient for members to access funds, especially in times of emergency, as current withdrawals often involve procedural delays and paperwork. Currently has 78 million registered individuals, who together have deposited over ₹28 lakh crore. In 2014, this figure was ₹7.4 lakh crore and 33 million.