Personal Finance »PF News»PF News Details
PF News Details
Back

EPFO mulls using NPCI platform to transfer beneficiary payment on same day

ANI / New Delhi 24 Nov 17 | 02:17 PM

Photo: Shutterstock

The Employee Provident Fund Organization (EPFO) has proposed to move towards the centralised payment system using National Payments Corporation of India platform for payment to the beneficiaries.

Widgets Magazine

"Present decentralised system of EPFO for making payment to its beneficiaries involves higher cost of transactions, delays in recredits in case of failed transaction and does not provide for Aadhaar enabled payments," Ministry of Labour and Employment said in a statement.

ALSO READ: EPFO subscribers will get benefit of equity investments from FY19

The benefit of the proposed system is that the funds will be transferred on the same day to the beneficiaries through NPCI platform.

The office may reconcile the transaction status on T+0 basis and thus help in early recredit in the accounts of beneficiaries in the case of failed transactions, the official statement said.

"The availability of the facility of Aadhaar enabled transfer of funds and the transaction cost by way of bank charges will also come down," it added.

The meeting of the Central Board of Employees' Provident Fund Organisation (EPFO) was held in New Delhi on Thursday under the chairmanship of Union Minister of Labour and Employment Santosh Kumar Gangwar approved the proposal.

Widgets Magazine

Sensex

Company Price Gain (%)
Adani Ports433.754.68
ICICI Bank353.552.15
St Bk of India309.052.08
TCS2,954.751.53
Kotak Mah. Bank1,059.951.39

Poll

It has been a year since demonetisation was announced. What is your view about the move?



Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine