Employees’ Provident Fund Organisation (EPFO), one of the largest social security organizations globally, has expanded its banking network by empanelling 15 additional banks for the collection of EPFO contributions.
This move takes the total number of empanelled banks to 32, significantly enhancing accessibility for employers and members.
The expansion aligns with EPFO’s mission to simplify processes, improve efficiency, and strengthen India’s social security framework.
Details of EPFO Banks Network Expansion
The newly empanelled banks include prominent names such as HSBC Bank, Standard Chartered Bank, Federal Bank, IndusInd Bank, Karur Vysya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, UCO Bank, Karnataka Bank, Development Bank of Singapore, Tamilnad Mercantile Bank, Development Credit Bank, and Bandhan Bank.
These banks will enable direct payment of nearly ₹12,000 crore in annual collections and provide direct access to employers who maintain accounts with them.
Previously, EPFO had empanelled 17 banks, including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Yes Bank, Bank of Maharashtra, Central Bank of India, Jammu & Kashmir Bank, and Bank of India.
The addition of 15 banks marks a significant milestone in EPFO’s efforts to enhance service delivery and accessibility.
Benefits for EPFO Employers and Members and Technological Advancements
The expanded banking network simplifies the process for employers covered under the EPF Act to pay their monthly contributions.
Employers can now directly transact with their preferred banks, reducing administrative hurdles and improving efficiency.
For members, the expansion ensures faster processing of contributions and claims, enhancing the overall experience.
EPFO has been leveraging technology to improve its services. The implementation of EPFO 2.01, a robust IT system, has significantly improved claim settlements.
In the financial year 2024–25, EPFO settled over 6 crore claims, a 35% increase compared to the previous year.
The organization is actively working on evolving towards EPFO 3.0, aiming to make its services as accessible and efficient as banking systems.
Centralized Pension Payment System and Commitment to Social Security
A notable milestone in EPFO’s journey is the introduction of the Centralized Pension Payment System.
This system benefits over 78 lakh pensioners, allowing them to receive pensions in any bank account across the country.
Previously, pensioners were required to have accounts in specific zonal banks, a compulsion that has now been removed.
Union Labour Minister Mansukh Mandaviya emphasized EPFO’s role in shaping India’s future and supporting the vision of “Naya Bharat.”
With nearly 8 crore active members and more than 78 lakh pensioners, EPFO continues to evolve and adapt to meet the needs of its stakeholders.
The organization remains committed to providing ease of living for members and ease of doing business for employers.
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