EPFO Expands Banking Network to Enhance Contributions Collection

The Employees' Provident Fund Organisation (EPFO) has expanded its banking network by adding 15 more banks, increasing the total to 32. This move, witnessed by Union Labour Minister Mansukh Mandaviya, aims to streamline contribution collections and enhance services for employers and members, marking a significant stride towards social security reform.

The Employees' Provident Fund Organisation (EPFO) announced its decision to expand the empanelled banking network on Tuesday by including 15 additional banks for contribution collections, raising the total number to 32.

During the agreement signing ceremony in New Delhi, attended by Union Labour Minister Mansukh Mandaviya, the Labour Ministry issued a statement detailing this significant development. The new banks will facilitate direct payments of approximately Rs 12,000 crore in annual collections, offering better accessibility to employers using these banks.

Minister Mandaviya highlighted the instrumental role of EPFO in advancing the nation's progress towards a 'Naya Bharat.' He emphasized the enhancement of technological capabilities with EPFO 2.01, resulting in record claim settlements, and announced the future rollout of EPFO 3.0, aiming for increased user satisfaction and efficiency akin to banking services.

(With inputs from agencies.)