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The government is rapidly moving towards digitalization on the financial front. UPI is a living example of this. Which has not only been successful in India. But many countries of the world have adopted it. Now there is a plan to use it for many other works as well. It is reported that in the coming few months, you will also be able to withdraw EPFO money through UPI. Work is going on at a fast pace on this. It is estimated that this system will start in June. Let us also tell you what kind of planning has come to the fore.

EPFO money will be withdrawn from UPI

Moving into the digital sector, the Employees Provident Fund Organization (EPFO) is preparing to start a UPI-based claim process. With which EPFO members will be able to withdraw their provident fund immediately. Giving information, Labor and Employment Secretary Sumita Dawra said that this step is being taken to improve efficiency and reduce transaction timing. In an interview with ANI, Dawra confirmed that the facility will go live by the end of May or June, which will be a major change in the way EPFO members access their savings.

Withdrawal up to Rs 1 lakh

He said that after doing the necessary testing, we are hoping to launch the UPI front end for EPFO claims by the end of May. This will benefit all the members, as they will be able to view their EPFO account directly in the UPI interface and make auto-claims. If the subscriber is eligible, the approval process will be instant, which will get money in their account immediately. Dawra told ANI that members will be able to withdraw up to Rs 1 lakh instantly through the auto system and choose their preferred bank account for transfer.

A new revolution will come in EPFO.

Currently, EPFO members have to go through the claim process which takes 2-3 days. After the UPI integration is started, the withdrawal is expected to be completed in a few hours or minutes. This facility is expected to revolutionize the Provident Fund process, just like UPI did for digital payments in India. Apart from faster withdrawals, EPFO has also expanded the scope of use of the fund. Members can now withdraw funds for housing, education, and marriage in addition to the existing illness provisions, Dawra said. To make this change possible, EPFO has made a significant digital transformation. More than 120 databases have been integrated to streamline the claim process and 95 percent of claims are already automated. The aim is to further simplify the process, reducing paperwork and delays.

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