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The government is moving towards digital on the financial front. UPI is a living example of this. Which has not only succeeded in India. Rather many countries of the world have adopted it. Now planning is going on to use it in many other works as well. It is reported that in the coming months, you will also be able to withdraw the money of EPFO ​​through UPI. Work is going on fast on this. It is estimated that this system will start in the month of June. Let us also tell you what kind of planning has come out.

EPFO's money will come out of UPI

Moving in the digital sector, the Employees Provident Fund Organization (EPFO) is preparing to start the UPI-based claim process. So that EPFO ​​members will be able to remove their provident fund immediately. Giving information, Labor and Employment Secretary Sumita Davra said that this step is being taken with the aim of improving efficiency and reducing transaction timing. In an interview to ANI, Davra confirmed that the facility would be live by late May or June, which would be a major change in the way EPFO ​​members reach their savings.

Without one million

He said that after doing necessary testing, we are expecting to start UPI Front & for EPFO ​​claim by the end of May. This will benefit all the members, as they will be able to see their EPFO ​​account directly in the UPI interface and do auto-claims. If the consumer is eligible, then the approval process will be installed, which will immediately get money in their account. Davra told ANI that members will be able to withdraw up to Rs 1 lakh immediately through the auto system and choose their favorite bank account for transfer.

New revolution will come in EPFO

Currently, EPFO ​​members have to undergo claim process that takes 2-3 days. After the UPI integration begins, the withdrawal is expected to be completed in a few hours or minutes. This facility is expected to revolutionize the Provident Fund Process, just as the UPI did for digital payment in India. Davra said, apart from sharp withdrawal, EPFO ​​has also expanded the scope of funds. Members can now withdraw money for housing, education and marriage besides existing disease provisions.
To make this change possible, EPFO ​​has made an important digital change. More than 120 databases have been integrated to streamline the claim process and 95 per cent of the claims are already automated. Its purpose is to make the process further simplified, which reduces paperwork and delay.