Work on for ATMs to have option to access PF deposits

Provident-fund accounts, which hold savings critical to financial security of employees, are being linked to bank accounts so that they can be directly accessed with debit cards at ATMs, Union Labour Minister Mansukh Mandaviya said on Tuesday.

- Zia Haq

NEW DELHI:

The government also announced that it was raising the limit ₹1 lakh that applies to automatic settlement of advances -- or partial withdrawals -- to ₹5 lakh.

"With the elevated limit of ₹5 lakhs, additional advance claims will now qualify for auto-settlement, leading to their processing within three days of submission. This enhanced limit and faster access to funds will help members get timely financial support when they need it the most," the government said in a statement on Tuesday.

The change in the limit, effective Tuesday, was first announced by Mandaviya on September 17 during an event to mark the 100 days of the Modi government's third tenure.