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The move aims to ensure rapid and spontaneous fund transfer by eliminating the delay associated with traditional banking methods.
According to the report citing an official source, EPFO ​​is discussing the National Payments Corporation of India (NPCI) to integrate PF withdrawal with UPI platforms.
This will enable members to get their PF amount immediately through digital payment apps like PhonePe, Google Pay, Paytm and BHIM. Currently, PF withdrawal takes two to three days for processing through NEFT or RTGS. Real-time fund will allow transfer for linked UPI ID of the new system member.
The report said the EPFO ​​has already prepared a blueprint for UPI integration and is expected to roll out the facility within the next 2-3 months.
Apart from UPI-based transactions, EPFO ​​is also working on enabling PF withdrawal from ATMs directly. Labor Secretary Sumita Davra announced this development in 2024, highlighting the efforts of the Ministry of Labor and Employment to upgrade the IT system for better access.
With this feature, subscribers can soon withdraw your PF using your universal account number (UAN) or linked bank accounts.
So far in the financial year 2024-25, EPFO ​​has resolved over 50 million claims for its 7.4 crore customers, which is more than 2.05 lakh crores.
Also read EPFO Board to meet on February 28: What is expected on change in interest rate
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