EPFO empanels 15 more banks for direct payment of collections – CNBC TV18

The Workers’ Provident Fund Organisation ((*15*)) has partnered with 15 further banks to streamline contribution collections. This enlargement takes the entire quantity of empanelled banks to 32, permitting direct funds and enhancing entry for employers.

Union Minister for Labour & Employment, Mansukh Mandaviya, emphasised that (*15*) 3.0 goals to make the organisation as seamless as banks.

(*15*)

manages over ₹3.41 lakh crore in annual contributions, with almost 8 crore lively members and 78 lakh pensioners. The empanelment of new banks is predicted to cut back transactional delays and enhance operational effectivity.

Key advantages of (*15*)’s banking enlargement:

Sooner fund availability: Contributions remitted by way of empanelled banks can be out there for funding on T+1 day, in comparison with T+2 day by aggregators.

Decreased transaction prices: (*15*) will lower prices on member account validation, as empanelled banks will deal with verification straight.

Simplified employer transactions: Employers can now pay contributions straight by their banking companions, lowering dependence on third-social gathering aggregators.

Sooner claims processing: With auto-processing, (*15*) settled 2.34 crore claims in FY 2024-25, a 160% improve from the earlier 12 months.

(*15*) has additionally launched a Centralised Pension Payment System, permitting pensioners to obtain funds in any checking account, eradicating earlier restrictions.

The initiative aligns with (*15*)’s broader digital transformation, guaranteeing Ease of Residing for members and Ease of Doing Enterprise for employers, an official assertion mentioned.

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