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business update
– Photo: Amar Ujala
Employees Provident Fund Organization (EPFO) subscribers will be able to send PF amount directly to bank accounts through UPI through a new mobile phone app from April this year. Besides, you will also be able to avail other services including viewing passbook. Under the Labor Ministry’s scheme, a certain portion of the EPF will be reserved, while a larger portion will be available for withdrawal through Unified Payments Interface (UPI). Subscribers will be able to view the EPF balance available for transfer to their bank accounts from the app. They will be allowed to use the UPI PIN to complete transactions, ensuring secure transfer of funds. EPFO is currently testing the service.
