EPFO Enhances Payment Options by Adding 15 More Banks to Direct Payment System
New Delhi: The Employees’ Provident Fund Organisation (EPFO) has enhanced its Multi-Banking Centralised Collection System by adding 15 more banks to its panel, bringing the total to 32. This development aims to streamline direct payments and improve accessibility for both employers and beneficiaries.
The announcement was made at an event in New Delhi, attended by the Union Minister for Labour and Employment, Dr. Mansukh Mandaviya. Agreements were signed with both public and private sector banks, enabling the direct transfer of nearly ₹12,000 crore annually through the system.
Enhancing Efficiency and Social Security
During the event, Dr. Mandaviya emphasized the significant role of EPFO in the progress of New India (Naya Bharat). With nearly 8 crore active members and over 78 lakh pensioners, EPFO continues to be a cornerstone of social security and financial stability for millions of workers.
The minister also touched upon EPFO’s digital transformation, highlighting the success of EPFO 2.0, a robust IT system that has greatly improved claim settlements. He noted that in the financial year 2024-25, the organization processed a record of over 6 crore claims, showcasing its commitment to efficiency and accessibility.
EPFO 3.0 – A Vision for the Future
Dr. Mandaviya revealed that EPFO is actively working on the next phase of its evolution—EPFO 3.0—which aims to enhance user experience and operational efficiency, making it as seamless and accessible as banking services.
The addition of 15 new banks will now provide more employers with direct access to their EPFO accounts, ensuring faster transactions, improved payment processing, and greater financial security for employees.
