EPFO member may soon be able to withdraw EPF money through ATMs, UPI directly
New Delhi, Jun 24 (PTI): Retirement fund body EPFO subscribers may soon be able to withdraw their employees' provident fund (EPF) directly from their accounts through ATMs or other modes like UPI after linking their bank accounts with EPF.
A highly placed source said the labour ministry is working on a project where a certain proportion of the EPF will be frozen and a large chunk will be available for withdrawal through their bank account using various modes like UPI or ATM debit cards.
The source also said there are some software challenges to implementing this system, which are being resolved.
Presently, the members of the Employees' Provident Fund Organisation (EPFO) have to apply for withdrawal claims to access their EPF money, which is time-consuming.
Under the auto-settlement mode, the withdrawal claims are settled electronically without manual intervention within three days of filing the application form.
The limit of this auto-settlement mode has been raised to Rs 5 lakh on Tuesday from existing Rs 1 lakh.
This will facilitate a large number of EPFO members to access their EPF money within three days for illness, education, marriage, and housing purposes.
The EPFO, which has more than 7 crore members, had first introduced online auto-settlement of advance claims during the COVID-19 pandemic to provide quick assistance to those facing financial crunch.
However, all members have to file claims to access their own EPF.
The new system is being evolved to avoid this time-consuming process and reduce the burden of the EPFO, as over 5 crore claims mostly for withdrawing EPF are settled every year.
The source said that the EPFO cannot allow its members to withdraw money directly from the EPF accounts because the body does not have any banking licences.
However, the source said that the government wants to improve the services of the EPFO at par with banks.
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Karnataka bags second rank in implementing Central crop Insurance scheme
Bengaluru (PTI): The Karnataka government on Sunday said the Union agriculture ministry has awarded it a Certificate of Commendation for securing second rank among 'large states' in the overall performance in implementing PMFBY, a Central Crop Insurance Scheme.
The Chief Minister's Office shared the certificate issued by Muktanand Agrawal, Chief Executive Officer, Pradhan Mantri Fasal Bima Yojana (PMFBY) dated January 14.
According to the certificate, Karnataka achieved the second position for its performance during the Kharif 2024 and Rabi 2024-25 seasons.
The ministry appreciated the efforts of the State Government and its team of officers for the effective implementation of the crop insurance scheme, which aims to provide financial protection to farmers against crop losses.
The PMFBY is a Central flagship scheme designed to support farmers by ensuring timely compensation for crop damage due to natural calamities, pests and diseases, while also encouraging the adoption of modern agricultural practices.
