New Delhi. Employees’ Provident Fund Organization (EPFO) subscribers will be able to get their PF money directly into their bank accounts using the UPI payment gateway through a new mobile application to be launched in April this year. A top source gave this information.
According to the agency source, the Labor Ministry is working on a project under which a certain portion of the EPF will be reserved, while a larger portion will be available for withdrawal through the bank account through Unified Payments Interface (UPI). The source further said that EPFO will launch a new mobile app through which members will be able to avail other services like checking passbook balance along with withdrawing money using the UPI gateway. At present members use either the Universal Account Number (UAN) portal or the ‘UMANG’ app to access their EPF accounts and avail services. These services will continue to be available on both platforms, while the new dedicated app will improve access and delivery of services for EPFO customers. The source said subscribers will be able to view the eligible EPF balance available for transfer to their bank accounts through the mobile app. They will be allowed to use their added UPI PIN to complete the transaction, ensuring secure transfer of funds to bank accounts. EPFO is currently testing this service. The Labor Ministry is likely to launch this app on a large scale in April this year.
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