EPFO (Employees’ Provident Fund Organization) is in the process to make it’s members life more easy. In the past, the EPFO members had to struggle a bit to withdraw their money. Now, the organization is planing to make the withdrawal process easy. According to various media reports, the Central Board of Trustees (CBT), the EPFO’s highest decision-making body, is likely to approve ATM withdrawals at its next board meeting, scheduled for the second week of October.
EPFO Money Withdrawal from ATM
A CBDT member told the media, “We have learned that the EPFO’s IT infrastructure is ready for such transactions.” He added, “There will be a limit on ATM withdrawals, but this is yet to be discussed.” As of today, the EPFO’s total corpus is over ₹28 lakh crore and its total membership is approximately 78 million.
The government wants members to have easy access to their accumulated corpus. To this end, the ministry has also engaged with banks and the Reserve Bank of India (RBI). It is likely that the EPFO will issue special cards to its members to enable them to make ATM withdrawals.
This year, EPFO already took a significant step
It is worth noting that earlier this year, the EPFO increased the automatic claim settlement limit from ₹1 lakh to ₹5 lakh. This process determines claim eligibility through digital checks and algorithms, eliminating the need for manual verification.
What will be the facilities?
Experts say that ATM withdrawals will provide EPFO members with quick access to funds in case of an emergency. However, the success of this facility will depend on the organization’s digital capabilities, security measures, and coordination with banks and payment networks.