Labour ministry, RBI hold discussions to ease PF withdrawal
Hindustan Times Mumbai|December 26, 2024
THE RETIREMENT FUND MANAGER IS REVAMPING ITS WORK PROCESSES AND IT NETWORK TO HASTEN THE SERVICES
Zia Haq

NEW DELHI: The Union labour ministry has begun discussions with the Reserve Bank of India (RBI) and other banks on rolling out new services for subscribers of the Employees' Provident Fund Organisation (EPFO), such as direct access to savings deposits through ATMs and e-wallets linked to bank accounts, an official said, requesting anonymity.

The State-backed retirement fund manager is currently revamping its work processes and information technology network for speedier services following long-standing grievances of cumbersome procedures for settlement of claims and pensions.

Ready withdrawal of provident fund savings up to a certain ceiling with an EPFO account-linked ATM card is among several features to be rolled out likely by January 2025 after the revamp is completed, according to the official cited above. Currently, only in cases of auto settlement of claims does the money go directly to the bank account of a subscriber, which can be then withdrawn from teller machines.

This story is from the December 26, 2024 edition of Hindustan Times Mumbai.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the December 26, 2024 edition of Hindustan Times Mumbai.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM HINDUSTAN TIMES MUMBAIView All
Hindustan Times Mumbai

Planning to cut ineligible Ladki beneficiaries: Ajit

He was once accused of stealing credit for the Mahayuti government's flagship Ladki Bahin scheme, even calling it 'Ajitdada's Ladki Bahin Yojana' during his election campaign last year.

time-read
2 mins  |
January 20, 2025
Hindustan Times Mumbai

India Open: Axelsen, Young Reign Supreme

For many elite athletes across sports, a lot has changed since their peaking at the Paris Olympics.

time-read
1 min  |
January 20, 2025
Hindustan Times Mumbai

J&K govt seeks spl package in Union Budget

THE J&K GOVT HAS PETITIONED FOR MORE CENTRAL FUNDS FOR PROJECTS LINKED TO AGRICULTURE, TOURISM, AND INDUSTRIES

time-read
2 mins  |
January 20, 2025
Hindustan Times Mumbai

FPI Shorts Mount as Street Awaits Trump Flux

The change of guard in America looms large over India's stock market, with foreign portfolio investors (FPI) raising bearish bets close to record levels a day ahead of Donald Trump's inauguration as the 47th President.

time-read
1 min  |
January 20, 2025
Hindustan Times Mumbai

AI Challenge to Electoral Process

EC action on AI-generated content needs to be stringent. Mere labelling won't be enough

time-read
1 min  |
January 20, 2025
Hindustan Times Mumbai

Today the guns in Gaza have gone silent. The road to this deal has been not easy at all, it was a long road. JOE BIDEN, US President

Palestinians burst into the streets to celebrate and return to the rubble of their bombed-out homes on Sunday after a ceasefire deal halted fighting in Gaza, and three female hostages freed by Hamas were reunited with their mothers inside Israel.

time-read
3 mins  |
January 20, 2025
Hindustan Times Mumbai

Djokovic-Alcaraz blockbuster next

Serbia's record 10-time winner faces the young Spaniard who bids to complete a career Grand Slam in the quarter-finals

time-read
3 mins  |
January 20, 2025
Hindustan Times Mumbai

Yoon's supporters riot as his detention extended

Hundreds of supporters of South Korea's arrested president, Yoon Suk-yeol, stormed a court building early on Sunday after his detention was extended, smashing windows and breaking inside, an attack the country's acting leader called \"unimaginable\".

time-read
2 mins  |
January 20, 2025
Hindustan Times Mumbai

Cops hunting for knife's missing third piece, attacker's clothes

Cops say he is a Bangladeshi national who worked in pubs and changed his name to 'Bijoy Das'

time-read
4 mins  |
January 20, 2025
Hindustan Times Mumbai

Trump 2.0: Prospects of global disruption

The world is watching nervously as the new President begins his second innings in Washington

time-read
4 mins  |
January 20, 2025