Labour ministry, RBI hold discussions to ease PF withdrawal

THE RETIREMENT FUND MANAGER IS REVAMPING ITS WORK PROCESSES AND IT NETWORK TO HASTEN THE SERVICES

- Zia Haq

NEW DELHI: The Union labour ministry has begun discussions with the Reserve Bank of India (RBI) and other banks on rolling out new services for subscribers of the Employees' Provident Fund Organisation (EPFO), such as direct access to savings deposits through ATMs and e-wallets linked to bank accounts, an official said, requesting anonymity.

The State-backed retirement fund manager is currently revamping its work processes and information technology network for speedier services following long-standing grievances of cumbersome procedures for settlement of claims and pensions.