Subscribers of retirement fund body EPFO will be able to withdraw their employees' provident fund (EPF) directly into their bank accounts through UPI payment gateway using its newly designed mobile application to be launched in April this year, a top source said.
The labour ministry is working on a project where a certain proportion of the EPF will be frozen, and a large chunk will be available for withdrawal through their bank account using Unified Payment Interface (UPI), the source told PTI.
The source further informed that the Employees' Provident Fund Organisation will roll out a new mobile phone application through which the member would be able to withdraw their EPF money using UPI gateway as well as avail other services like passbook balance.
Currently, the member uses either the Universal Account Number (UAN) portal or the UMANG app to access their EPF accounts and avail of their services. The source said that these services will remain available on both platforms, while the new dedicated app will further improve the accessibility and delivery of services for EPFO subscribers.
He explained that subscribers will be able to view the eligible EPF balance available for transfer to their seeded bank accounts in the mobile application. They will be allowed to use their linked UPI PIN to complete the transaction, ensuring a secure transfer of funds to their bank accounts.
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