Over 8 crore contributing members of the retirement fund body Employees’ Provident Fund Organisation (EPFO) will soon be able to withdraw their funds using the Unified Payments Interface (UPI) via the BHIM app from the coming April. Enabling EPF Withdrawals Using UPI By April This Year With the use of this new facility, EPFO contributing members can witness their available balance, which will be segregated to show the eligible balance for withdrawal and the minimum 25% balance separately. They have an internal discussion converging towards capping the initial withdrawal at Rs 25,000 per transaction, according to a senior government official reportedly. Further adding, “Work is going on for the development of the entire system. Three parties are involved in the development of the system — EPFO, C-DAC (Centre for Development of Advanced Computing), and the NPCI (National Payments Corporation of India) and there is also involvement of the State Bank of India for payment coordination. The withdrawals would be facilitated through the BHIM app initially, which will credit the amount to the UPI-linked bank account directly.” It is noteworthy here that each and every EPFO member will be able to avail the UPI facilities through the BHIM app, with the… Read MoreBusiness Archives – Trak.in – Indian Business of Tech, Mobile & Startups
