EPFO News: EPFO will start working on its IT System 3.0 in the last week of January or in February. In case of emergency, EPFO members can withdraw a fixed amount from their account, for which they will not need to do any paperwork.
EPFO News: The Employees’ Provident Fund Organization (EPFO) is working towards providing comprehensive banking-like facilities to its members. Under this, a proposal is being considered to allow EPFO members to withdraw money directly from their PF accounts in case of emergency. For this, they will not have to do any kind of paperwork. The withdrawal limit will be set.
It is being told that EPFO officials are discussing this with the Ministry of Labor and Employment, the Ministry of Finance, the Reserve Bank and other banks. Sources say that EPFO will start working on its IT System 3.0 in the last week of January or in February.
How is the IT system being changed
The IT system will be changed as per the recommendations of the Finance Ministry, Central Reserve Bank and other banks. So far, EPFO has received many suggestions. EPFO wants that in case of emergency, members can withdraw a fixed amount from their account, for which they do not need to do any paperwork.
Among the suggestions received by EPFO, it is said that the organization should not issue any new card, but should directly allow its members to withdraw a fixed amount from the EPFO account in case of emergency.
The entire system will work on the lines of banking
For this, members can login with Universal Account Number (UAN) and password through the portal and app and transfer the prescribed amount to their bank account immediately. After this, the amount can be used through bank debit card, net banking or UPI. With this, the entire system of EPFO will be able to work on the lines of banking.
PF account will be linked to all banks
For this, EPFO will have to link all major banks with UAN, which will make it easier to transfer funds to the account. Keep in mind that the work of IT System 3.0 is to be completed by June, under which suggestions are being taken from all major financial institutions, so that better improvements can be made.
Separate card will increase the burden
A suggestion has also been received that if EPFO issues a separate ATM card, then a lot of changes will have to be made for it. Banking license and other permissions may also have to be taken from the Reserve Bank. In such a situation, more manpower will be required.
Therefore, sources say that serious work is going on in the direction of the first suggestion. The objective of EPFO is to make it easy to withdraw the money deposited in the PF account of the people in case of emergency and other situations.
This will be the new system
In the suggestions received by EPFO, it has been said that the organization should not issue any new card, but should directly allow its members to withdraw a fixed amount from the EPFO account in an emergency.
For this, members can login with UAN and password through the portal and app and transfer the fixed amount to their bank account immediately. After this, banks will be able to use the money through debit card, net banking or UPI. This system will be able to work on the lines of banking.
Withdrawal conditions will not change
EPFO officials have already clarified that the withdrawal system will be simplified under IT 3.0. Members will be able to withdraw money in case of emergency easily, for which they will not have any hassle. Money can be withdrawn under the prescribed limit for works like marriage, house construction and education, so there will be no change in the rules related to withdrawal amount.
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