EPFO Revolutionizes Withdrawals with UPI Integration in New App

The Employees' Provident Fund Organisation (EPFO) is poised to transform its services with the introduction of a new mobile application. Set to be launched in April, this app will allow subscribers to withdraw their provident fund directly into their bank accounts using the Unified Payment Interface (UPI), as revealed by a top source.

According to the source, the initiative is part of a broader project led by the labour ministry to freeze a portion of the EPF while making a substantial amount readily available for withdrawal. This effort aims to enhance the efficiency and security of EPF transactions while offering additional services like passbook balance checks through the new app.

Currently, members access EPF services via the Universal Account Number (UAN) portal or the UMANG app. However, the new application promises improved accessibility and self-service features. As part of its rollout strategy, the EPFO is conducting trials to ensure a seamless experience and mitigate technical glitches. This move aligns with the government's goal to elevate EPFO services to a standard similar to banking institutions, despite the lack of a banking license.