If advanced technology is used in EPFO like the banking sector, then it will be easy to offer good facilities to the subscribers. It will take time for EPFO to start the facility of ATM withdrawal of claim money. The reason for this is that this proposal is still in the initial stage.
There is good news for EPFO and ESIC subscribers. They will soon be able to get their claim settlement money through e-wallet. Earlier, EPFO had announced to start the facility of ATM withdrawal for its members. It is said that the focus of EPFO and ESIC is on making their facilities digital. For this, both want to use modern technology.
Discussion with RBI on the plan
Sumita Dawra, Secretary of the Ministry of Labor and Employment, recently gave important information about this. She said that the government has discussed this plan with the Reserve Bank (RBI). This will greatly benefit the subscribers of both organizations. Currently, the claim settlement money is transferred directly to the bank account of the subscribers. He said that discussions are going on to prepare a system to transfer the settlement money to e-wallet. For this, the help of banks will be needed.
More use of IT for facilities
Dawra had told some time ago that the government is improving the information technology infrastructure to provide better facilities to the subscribers. In the recent past, the speed of auto settlement of claims has increased. If advanced technology is used in EPFO like the banking sector, then it will be easy to offer good facilities to the subscribers. He said that the facility of withdrawing EPF money from ATM is a big step.
RBI approval needed
Experts say that it will take time to start the facility of withdrawing EPFO claim money from ATM. The reason for this is that this proposal is still in the initial stage. For this, extensive discussions will be needed with many parties. First of all, RBI’s approval is needed for this. RBI is very cautious in using new technology. The matter can move forward only after he is assured about its security aspect.
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