EPFO to collaborate with banks for dues and payments
DSIJ Intelligence / 01 Aug 2017
The Employees’ Provident Fund Organisation (EPFO) has tied up with 10 banks to collect EPFO dues and to make payments of Provident Fund (PF) withdrawals, pension and insurance to EPFO beneficiaries.
The Employees’ Provident Fund Organisation (EPFO) has tied up with 10 banks to collect EPFO dues and to make payments of Provident Fund (PF) withdrawals, pension and insurance to EPFO beneficiaries. This was announced by Bandaru Dattatreya, Minister of State (IC) for Labour and Employment.
These banks are State Bank of India, Punjab National Bank, Indian Bank, Allahabad Bank, Union Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank.
The main objective of the multi-banking arrangement is to provide more options to the employers to remit the Employees’ Provident Fund (EPF) contribution directly from their bank accounts. This will not only make them cost-effective, but also ensure real time transfer of funds through netbanking.