EPFO members to soon withdraw money via UPI, Pg17

Key Highlights:

• EPFO members will soon be able to withdraw funds via UPI.
• Testing of the UPI withdrawal facility has been completed.
• The announcement was made by Labour Minister Mansukh Mandaviya.

Detailed Insights:

• The Employees' Provident Fund Organisation (EPFO) is implementing initiatives to enhance service quality.
• This move aims to provide easier and faster access to funds for EPFO members.
• UPI integration will streamline the withdrawal process, reducing processing time.

Key Concepts Involved:

• EPFO: A government organization that manages provident fund accounts for employees.
• UPI: A real-time payment system that facilitates instant fund transfers between bank accounts.