+
EPFO Expands Banking Network, Strengthening Social Security Framework
ECONOMY & POLICY

EPFO Expands Banking Network, Strengthening Social Security Framework

The Employees’ Provident Fund Organisation (EPFO) has enhanced its banking network by empanelling 15 additional public and private sector banks, bringing the total number of authorised banks for EPFO contributions to 32. This move, formalised in the presence of Dr. Mansukh Mandaviya, Union Minister for Labour & Employment, Youth Affairs & Sports, and Sushri Shobha Karandlaje, Union Minister of State for Labour & Employment, will facilitate direct payment of nearly Rs 120 billion in annual contributions while providing greater accessibility for employers.

Dr. Mandaviya highlighted EPFO’s critical role in advancing the vision of a "Naya Bharat," noting that with nearly 8 crore active members and over 78 lakh pensioners, the organisation ensures social security for millions. He underscored EPFO’s ongoing evolution, citing the impact of EPFO 2.01, a robust IT system that has significantly improved claim settlements. In the Financial Year 2024–25, EPFO processed a record 6 crore claims, marking a 35% increase from the 4.45 crore claims settled in the previous year.

The minister announced that customer satisfaction has risen substantially and that EPFO is progressing towards EPFO 3.0, aiming to provide services as accessible and efficient as those of banks. A key milestone in this journey has been the introduction of the Centralised Pension Payment System, which enables pensioners to receive payments in any bank account across the country, eliminating the earlier requirement of holding accounts in designated zonal banks.

Dr. Mandaviya also pointed out that significant reforms, such as the auto-claim settlement process, have drastically improved claim processing speeds. Claims are now being settled in just three days, with 2.34 crore claims processed under this system in FY 2024–25—representing a 160% increase from the 89.52 lakh claims processed in 2023–24. He also noted that EPFO is offering an interest rate of 8.25% to its beneficiaries.

EPFO’s expanded banking network will bring seamless integration of collections and payments, reducing the dependency on aggregator payment mechanisms for employers. This will enhance operational efficiency, allowing remitted dues to be available for investment on a T+1 basis, as opposed to T+2 through aggregator platforms. It will also streamline the verification process for EPF members, accelerating the validation of bank accounts and ensuring quicker claim settlements.

Looking forward, Dr. Mandaviya reaffirmed EPFO’s commitment to continuous improvement, focusing on enhancing both the Ease of Living for members and the Ease of Doing Business for employers. The empanelment of additional banks is expected to improve efficiency, reduce delays in remittance and claim processing, and strengthen EPFO’s governance framework.

Shri Ramesh Krishnamurthi, Central PF Commissioner, along with senior officials from EPFO, the Ministry of Labour & Employment, and representatives from empanelled banks, attended the event

The Employees’ Provident Fund Organisation (EPFO) has enhanced its banking network by empanelling 15 additional public and private sector banks, bringing the total number of authorised banks for EPFO contributions to 32. This move, formalised in the presence of Dr. Mansukh Mandaviya, Union Minister for Labour & Employment, Youth Affairs & Sports, and Sushri Shobha Karandlaje, Union Minister of State for Labour & Employment, will facilitate direct payment of nearly Rs 120 billion in annual contributions while providing greater accessibility for employers. Dr. Mandaviya highlighted EPFO’s critical role in advancing the vision of a Naya Bharat, noting that with nearly 8 crore active members and over 78 lakh pensioners, the organisation ensures social security for millions. He underscored EPFO’s ongoing evolution, citing the impact of EPFO 2.01, a robust IT system that has significantly improved claim settlements. In the Financial Year 2024–25, EPFO processed a record 6 crore claims, marking a 35% increase from the 4.45 crore claims settled in the previous year. The minister announced that customer satisfaction has risen substantially and that EPFO is progressing towards EPFO 3.0, aiming to provide services as accessible and efficient as those of banks. A key milestone in this journey has been the introduction of the Centralised Pension Payment System, which enables pensioners to receive payments in any bank account across the country, eliminating the earlier requirement of holding accounts in designated zonal banks. Dr. Mandaviya also pointed out that significant reforms, such as the auto-claim settlement process, have drastically improved claim processing speeds. Claims are now being settled in just three days, with 2.34 crore claims processed under this system in FY 2024–25—representing a 160% increase from the 89.52 lakh claims processed in 2023–24. He also noted that EPFO is offering an interest rate of 8.25% to its beneficiaries. EPFO’s expanded banking network will bring seamless integration of collections and payments, reducing the dependency on aggregator payment mechanisms for employers. This will enhance operational efficiency, allowing remitted dues to be available for investment on a T+1 basis, as opposed to T+2 through aggregator platforms. It will also streamline the verification process for EPF members, accelerating the validation of bank accounts and ensuring quicker claim settlements. Looking forward, Dr. Mandaviya reaffirmed EPFO’s commitment to continuous improvement, focusing on enhancing both the Ease of Living for members and the Ease of Doing Business for employers. The empanelment of additional banks is expected to improve efficiency, reduce delays in remittance and claim processing, and strengthen EPFO’s governance framework. Shri Ramesh Krishnamurthi, Central PF Commissioner, along with senior officials from EPFO, the Ministry of Labour & Employment, and representatives from empanelled banks, attended the event

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code