EPFO: The government is swiftly advancing towards digitalization in the financial sector, with the Unified Payments Interface (UPI) serving as a prime example. Its success is not limited to India, as numerous countries around the globe have embraced it. Plans are now underway to expand its applications further.
In line with this digital shift, the Employees’ Provident Fund Organisation (EPFO) is set to introduce a UPI-based claims process, enabling members to withdraw their provident funds instantly. Labor and Employment Secretary Sumita Dawra stated that this initiative aims to enhance efficiency and minimize transaction times. In an interview with ANI, Dawra confirmed that the new facility is expected to be operational by the end of May or June, marking a significant transformation in how EPFO members access their savings.
Members will be able to withdraw up to Rs 1 lakh instantly
Dawra mentioned that following necessary testing, they anticipate launching the UPI interface for EPFO claims by the end of May. This development will benefit all members, allowing them to view their EPFO accounts directly through the UPI platform and submit auto-claims. If a subscriber meets the eligibility criteria, the approval process will be instantaneous, ensuring that funds are transferred to their accounts without delay. According to Dawra, members will be able to withdraw up to Rs 1 lakh instantly through this automated system and select their preferred bank account for the transfer.
To facilitate this transition, EPFO has undergone a substantial digital transformation. Over 120 databases have been integrated to optimize the claims process, with 95 percent of claims already automated. The objective is to further streamline the process, thereby reducing paperwork and minimizing delays.