EPFO's Digital Leap: E-Wallet Claims in the Spotlight

The Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation are considering enabling e-wallet use for claim settlements, according to a senior official. Talks with banks and planning with the Reserve Bank of India are underway to streamline this digital advancement for easier withdrawals.

In a significant move towards digital advancement, the Employees' Provident Fund Organisation (EPFO) and the Employees' State Insurance Corporation may soon allow claim settlements through e-wallets, a top official revealed on Wednesday.

Addressing the issue of easier fund withdrawals directly from ATMs, the Ministry of Labour and Employment's Secretary, Sumita Dawra, highlighted the interest from contributors seeking more convenient access to their funds. She explained that while auto settlements currently direct funds into bank accounts, which are accessible via ATMs, there is an exploration into transferring these claims directly to digital wallets.

Speaking during a tourism summit, Dawra emphasized ongoing discussions with bankers and the Reserve Bank of India. She assured that a practical plan to implement this digital service will be in place soon.

(With inputs from agencies.)