EPFO entered into agreements with Public and Private Sector Banks
The newly empanelled 15 banks will enable direct payment of nearly 12,000 Crore rupees in annual collections and enable direct access to employers who maintain their accounts with these banks.
New Delhi: Employees’ Provident Fund Organisation (EPFO) has expanded its Multi-Banking Centralised Collection System by empanelling 15 more banks, bringing the total number of banks in the panel to 32.
The EPFO entered into agreements with Public and Private Sector Banks in this regard in the presence of Union Minister for Labour and Employment Dr. Mansukh Mandaviya in New Delhi. The newly empanelled 15 banks will enable direct payment of nearly 12,000 Crore rupees in annual collections and enable direct access to employers who maintain their accounts with these banks.
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Dr. Mandaviya remarked on the event that institutions like EPFO, which plays a key role in forming the country's future, are greatly supporting its progress towards a Naya Bharat. With about 8 crore active members and over 78 lakh pensioners, EPFO offers advantages that guarantee social security for many.
He emphasized how EPFO continues to evolve and adapt, with the recent implementation of EPFO 2.01, a robust IT system that has significantly improved claim settlements. He said it settled a record over 6 crore claims in the Financial Year 2024-25. Dr Mandaviya also pointed out that EPFO is actively working on evolving towards EPFO 3.0 to make it as accessible and efficient as banks.
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