The Employees Provident Fund Organisation (EPFO) is undergoing a major transformation with the introduction of “EPFO 3.0,” as announced by Union Labour Minister Mansukh Mandaviya. This initiative aims to provide subscribers with greater ease of access to their funds, making withdrawals as simple as withdrawing cash from a bank ATM.
EPFO 3.0 is an upcoming upgrade that will introduce banking-like features for provident fund (PF) subscribers. With this version, EPFO will enable direct cash withdrawals via ATMs, eliminating the need for lengthy claim processes. This move is part of a broader initiative to digitise and simplify financial transactions for employees.
EPFO is overhauling its IT infrastructure to allow real-time withdrawals, similar to traditional banking transactions. Subscribers will no longer need to file claims manually or wait for fund disbursements.
In addition to ATM withdrawals, EPFO is also working on integrating withdrawals with Unified Payments Interface (UPI) platforms. According to a Financial Express report, the organisation is collaborating with the National Payments Corporation of India (NPCI) to link PF withdrawals to digital payment apps like:
EPFO has already finalised the blueprint for UPI integration and expects to roll out the feature within the next 2-3 months.
EPFO 3.0 represents a significant leap forward in making PF withdrawals seamless, secure, and instantaneous. By introducing ATM withdrawals and UPI integration, the organisation is aligning itself with modern banking conveniences, ensuring that subscribers have easier and quicker access to their funds. These changes are expected to enhance financial flexibility for millions of employees across India.
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Published on: Mar 7, 2025, 3:58 PM IST
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