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in cases of auto settlement of claims does the money go directly to the bank account of a subscriber, which can be then withdrawn from teller machines.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.
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.
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
2 labourers die of toxic smoke from traditional wood heater
Two men died of asphyxiation from smoke from a coal stove they had lit to keep warm at night in Mundka, west Delhi early Saturday morning, police said on Sunday.
Despite sharp air quality dip, Grap-3 not invoked
Delhi's air quality deteriorated to the higher end of the \"very poor\" category on Sunday, but the Commission for Air Quality Management (CAQM) in NCR decided not to invoke curbs under Section 3 of the Graded Response Action Plan (Grap) due to a declining trend towards the evening.
Bhel may go off government's divestment target
State-run Bharat Heavy Electricals Ltd (Bhel) may no longer be a potential divestment target as the government considers categorising the maker of rail coaches to power generation equipment as a \"strategic\" public sector unit, according to two people close to the development.
Axelsen, Young reign supreme
It was the Dane's 3rd title while it was a 2nd win for Korea's An at India's premier badminton event
India clinch Kho Kho WC titles with facile victories
India made a splash by claiming both the men's and women's titles in the inaugural Kho Kho World Cup 2025 at the Indira Gandhi Indoor Stadium here, defeating Nepal 54-36 and 78-40 respectively on Sunday.
Stage set for 16th India Art Fair in Feb
At least forty-one artists and artist collectives, twelve institutions and seven galleries will make their debut at the India Art Fair, one of the country's most anticipated commercial art events slated to be held between February 6 and 9 at NSIC Exhibition Grounds in Okhla in south Delhi.
AAP vows homes for govt staff in tranches
Aam Aadmi Party (AAP) national convener Arvind Kejriwal on Sunday promised to formulate a scheme to provide government employees, starting with sanitation workers, permanent houses on instalments \"where they can stay after they retire\", in a poll promise aimed at canvassing government workers to vote for the party in the Delhi Assembly elections on February 5.
Policing personal freedoms, courtesy social sensibilities
What does it mean to live in the world's largest democracy if consenting adults must still justify their private choices?
Minor nabbed for gunpoint robbery
Three persons, including a minor, allegedly robbed an e-commerce delivery agent on gunpoint on the Ring Road near Hyatt Regency last week, police said.
CENTRE APPOINTS ASSAM DGP AS NEW CRPF CHIEF
Assam director general of police (DGP) Gyanendra Pratap Singh has been appointed as the new chief of Central Reserve Police Force (CRPF), an order issued by Department of Personnel and Training (DOPT) said.
