Epfo Empaneled 15 new banks that transfer the total number to 32. This initiative will make the payment process easier. Reforms such as Auto Claim billing and a central pension payment system will make claims faster. EPFO offers an interest rate of 8.25% and a better service.
EPFO new rules: The EPFO (employees of the providers of the employees) has connected with 15 additional banks from the public and private sector to improve the service process and alleviate payments. The event took place on Tuesday in Neu -Delhi in the presence of Minister of Labor and Employment, youth matters and sports Dr. Mansukh Mandaviya. The inclusion of these 15 new banks will ensure a direct payment of an annual amount of around 12,000 rupees, which is also more convenient for employers whose accounts are operated in these banks.
Epfo had previously managed 17 banks in Empaneled and now brought the total number of banks to 32. This step offers employers direct access to pay their monthly contribution amount in accordance with the EPFO law.
Epfo’s contribution to building nations
In his speech, Dr. Mandaviya that institutions such as Epfo significantly support the country’s progress towards “New India”. EPFO has about 8 crore active members and more than 78 Lakh pensioners who receive social security. He also announced that EPFO recently implemented the EPFO 2.01 system, which made the claim for claims very effective and faster. In the 2024-25 financial year, EPFO resolved more than 6 Crore claims, which corresponds to 35 percent more than the demands of 4.45 crore of the previous year (2023-24).
Dr. Mandaviya also said that the customer satisfaction of EPFO has increased significantly and that the organization is now working on the implementation of EPFO 3.0, which makes it even more accessible and effective.
New pension payment system and automatic indictment comparison process
An important milestone was also the introduction of the centralized pension payment system, with which more than 78 LAKH pensioners can receive pensions in a bank account. In the past, the pensioners had to have an account in a certain regional bank, but now this requirement has been removed.
In addition, EPFO carried out the output edition Auto Clags. In the 2024-25 financial year, 2.34 CRore claims were enclosed as part of this system, which corresponds to 160 percent more than 89.52 LAKH claims in 2023-24.
Interest increase and participation of banks
The minister also expressed happiness that Epfo delivers 8.25 percent interest. By including banks, the service provision process of EPFO will improve more effective and governance.
List of new banks
The new banks include HSBC Bank, the Standard Chartered Bank, the Bundesbank, Indusind Bank, Karur Vyssya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, Uco -Bank, Karnataka Bank, the development of Singapore, the Tamilnad Mercantile Bank, the Bank and Bandhan Bank.
This initiative will further improve the service provision of EPFO and offer millions of Indians better and faster services.
