New Delhi: Retirement fund body EPFO carried April 3 revealed 2 significant reforms to make the insurance claim negotiation procedure less complex, much faster, and problem-free for crores of EPF participants & & companies.
1. Removal of Requirement to Upload Image of Cheque Leaf/ Attested Bank Passbook
EPFO has actually entirely disregarded the demand of submitting a picture of a cheque fallen leave or testified financial institution passbook while submitting on the internet insurance claims. This demand was at first unwinded on a pilot basis for sure KYC-updated participants. Since its launch on 28th May, 2024, the action has actually currently profited 1.7 crore EPF participants.
Following the effective pilot, EPFO has actually currently expanded this leisure to all participants. As the savings account owner’s name is currently validated with the EPF participant’s information at the time of savings account seeding with the Universal Account Number (UAN), this added paperwork is no more essential.
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By eliminating this demand, EPFO is readied to quickly profit around 6 crore participants, removing insurance claim denials because of poor-quality/unreadable uploads and decreasing connected complaints.
2. Removal of Requirement of Employer Approval for Seeding Bank Account Details with Universal Account Number (UAN)
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To enhance the procedure of seeding savings account with UAN, EPFO has actually currently eliminated the demand of company authorization after financial institution confirmation.
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Currently, every participant is needed to seed his/her Bank Account with UAN to get their PF withdrawals perfectly attributed to such account. During the F.Y. 2024-25, 1.3 crore participants have actually sent their ask for seeding their Bank Accounts and the demands after due matching with the particular Bank/ NPCI are to be accepted by the Employer with DSC/E-Sign
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How Can Members Change Already- Seeded Bank A/cWith New Account?(* )EPFO stated that around 36,000 ask for seeding of savings account are being elevated by the participants daily and the financial institutions take approximately 3 days to finish the confirmation. Explained
, after the financial institution confirmation, the ordinary time taken by the However to accept the procedure has to do with 13 days causing accumulating of work at the degree of the Employer and following hold-up in the seeding of Employer for theBank Account Member, this authorization action is not including any type of worth to the confirmation procedure.
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Accordingly to accept the confirmation of savings account has actually currently been disregarded in the seeding procedure of the participant’s Employer.
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.Bank Account over streamlined procedure will certainly likewise assist in those participants that intend to transform their currently seeded
The Bank Account order to In-Change Already A/c Seeded Bank, EPFO participants need to enter their brand-new With New Account number together with the IFSC code properly confirmed with Bank Account OTP.
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.(* )participants that are yet to seed their Aadhaar or transform their seeded
The can make use of the above streamlined procedure to obtain their Bank Account seeded at the earliest, EPFO has actually stated.Bank Account
