The Employees Provident Fund Organization (EPFO) has been signed an agreement with 15 new government and private banks in the presence of Union Minister of Labor and Employment, Youth Affairs and Sports, Dr. Mansukh Mandavia. With this new partnership, a total of 32 banks will now be available for EPFO contribution collection.
These 15 new banks will facilitate direct payment of annual contribution of about Rs 12,000 crore and the employers whose accounts are in these banks will get direct benefit. The EPFO had earlier included 17 banks in the panel and now the number has increased to 32.
Union Minister Dr. Mansukh Mandavia said that organizations like EPFO are contributing significantly to the construction of “New India”. He said that with about 8 crore active members and over 78 lakh pensioners, EPFO ensures social security for millions.
He said that EPFO is constantly progressing and strong IT systems like EPFO 2.01 have intensified the prevention of claims. In the financial year 2024-25, EPFO resolved more than 6 crore claims, showing an increase of 35 percent compared to 4.45 crores in the previous year (2023–24).
Dr. Mandavia said that the customer satisfaction has improved a lot and EPFO is now moving towards EPFO 3.0, which will make it accessible and efficient like banks.
He described the launch of centralized pension payment system as an important step. He said, “This system will benefit more than 78 lakh pensioners, who will now be able to get their pension in any bank account across the country. Earlier, pensioners had to keep an account in a specific regional bank, but now this ban has been lifted.”
The Union Minister also described the vehicle claim settlement process as a significant improvement. He said, “The process is resolving the claims within three days. In 2024-25 we automatically disposed of 2.34 crore claims, which is 160 percent more than 89.52 lakh claims of 2023-24.”
He expressed happiness over the fact that EPFO is offering an interest rate of 8.25 percent to its beneficiaries. Participation in banking services will increase the efficiency of EPFO and improve good governance.
The new banks included in the EPFO include HSBC Bank, Standard Chartered Bank, Federal Bank, IndusInd Bank, Karur Vaishya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, UCO, Karnataka Bank, Development Bank of Singapore, Tamil Nadu Mercury Bank, Development Bank and Bandhan Bank.
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