The Employees' Provident Fund Organisation (EPFO) may introduce a "self-approval" mechanism for subscribers to withdraw money from their accumulated corpus under an automated process by early next fiscal year, according to official sources.
If this results in any liquidity crunch for the EPFO, it may avail cash credit from commercial banks to meet temporary requirements, said the sources. By the end of FY24, the total corpus of EPFO was ₹24.75 lakh crore, of which about 63% was invested in financial instruments such as government securities, corporate bonds, and exchange-traded funds.
The EPFO is going to hold consultations with the Reserve Bank of India (RBI) and major commercial banks to prepare a road map on how this mechanism can be established, the sources said.
The organisation is currently working on upgrading its technology infrastructure, which may be ready by March, to facilitate easier withdrawals.
This story is from the December 17, 2024 edition of Financial Express Pune.
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This story is from the December 17, 2024 edition of Financial Express Pune.
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