EPFO withdrawals get faster with UPI!

Business

Posted by AI on 2025-03-27 14:07:18 | Last Updated by AI on 2025-07-29 05:53:42

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New Delhi – The Employees' Provident Fund Organisation (EPFO) is poised to revolutionize the provident fund withdrawal process with the integration of Unified Payments Interface (UPI) for claims up to ₹1 lakh. This groundbreaking move promises to slash settlement times from several days to mere minutes, providing subscribers with unprecedented speed and convenience.

Currently, EPFO withdrawals can be a lengthy process, often requiring multiple verifications and paperwork, leading to significant delays. This new initiative aims to eliminate these bottlenecks by leveraging the real-time settlement capabilities of UPI. Subscribers will soon be able to initiate and receive their PF withdrawals directly into their linked bank accounts via UPI, drastically reducing the waiting period.

"This integration is a game-changer for our subscribers," stated an EPFO official. "We understand the importance of timely access to funds, especially during emergencies. UPI integration will empower our members with instant access to their hard-earned savings, making the entire process seamless and efficient."

The move is also expected to enhance transparency and security. By eliminating manual interventions and relying on the robust UPI infrastructure, the risk of errors and fraud is significantly minimized. This digitized process will also offer subscribers better tracking and monitoring of their withdrawal requests.

The EPFO is currently in the final stages of testing and integration with various banks and payment gateways. The rollout is expected to commence in phases, starting with a pilot program in select regions before being expanded nationwide. This significant upgrade underscores the EPFO's commitment to leveraging technology to improve service delivery and enhance the overall subscriber experience. The initiative aligns with the government's broader push towards digitalization and financial inclusion, empowering millions of EPFO subscribers with faster and more efficient access to their retirement savings.

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