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in cases of auto settlement of claims does the money go directly to the bank account of a subscriber, which can be then withdrawn from teller machines.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 Thane.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 26, 2024 edition of Hindustan Times Thane.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Rudrankksh gears up with fresh goals, new equipment
After missing out on the Olympics, the youngster has shed over 10kgs and added the 50m 3P event to his schedule
Harmanpreet best drag-flicker in the world: Peillat
Gonzalo Peillat's heart was beating faster during the HIL auction than it does when taking a drag-flick.
South Africa Aim To Seal Place In WTC Final In Test Series Vs Pakistan
South Africa will be eyeing a place in the World Test Championship final with an all-seam attack against Pakistan in the first Test, starting Thursday.
The relentless march of the Slot machine
After losing the 2011 Champions League final 1-3 to Barcelona, Alex Ferguson had said: \"Nobody's given us a hiding like that.\" Ange Postecoglu didn't walk the route of the former Manchester United manager following Sunday's goalfest, choosing instead to highlight Tottenham Hotspur's injury problems, but there could be no doubt that Liverpool absolutely cleaned out their opponents at White Hart Lane.
Can India conjure magic at MCG?
Four of their 10 wins in Australia have come in Melbourne, but the India batters will be tested in the Boxing Day Test
Delhi girl Pratika makes an impactful first impression as India all-rounder
Spin-bowling all-rounder Pratika Rawal has stepped into the spotlight while vying for an opening spot previously held by the explosive Shafali Verma.
Ola Opens 3,200 New Stores in Bid to Win Buyer Trust
Ola Electric Mobility Ltd. announced opening of 3,200 new stores in a single day, as India's biggest e-scooter maker seeks to expand its local footprint and address customer frustration related to shortcomings in service.
AI-driven attacks push cos to boost cybersecurity
With generative artificial intelligence, or GenAI transforming business operations, it is also contributing to escalating cyber threats.
EPFO Adds 7.5 Lakh New Members in Oct
The Employees' Provident Fund Organisation (EPFO) reported a net addition of 1.34 million members in October.
GST on Used Vehicles to Vary by Selling Enterprise's Nature of Biz
The Goods and Services Tax (GST) on used vehicles will depend on the selling enterprise's nature of business, officials and experts clarified.
