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EPFO to Launch UPI Withdrawal Facility Soon

  • The Employees' Provident Fund Organisation (EPFO) is set to introduce a new UPI withdrawal facility for its subscribers.
  • This feature will allow EPF subscribers to transfer their funds directly to their bank accounts via apps like Paytm, Google Pay, and PhonePe.
  • The UPI integration is expected to be launched within the next 2 to 3 months, making the withdrawal process faster and more convenient.
  • Union Labour Minister Mansukh Mandaviya announced that the upcoming 'EPFO 3.0 version' will enable withdrawals from ATMs and offer banking-like services.
  • Subscribers will need to complete their KYC, including Aadhaar, PAN, and bank account information, to use these new features.

Source: Asianet Newsable, Ndtv

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