New Delhi Retirement fund body EPFO updated KYC details of 73.58 lakh subscribers in April-June. With KYC updation, any member can avail online services through member portal. This allows a customer to apply for the final Vidra online through the recently launched COVID-19 Advanced Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The ministry said in a statement that EPFO updated the Know Your Customer (KYC) data for its 73.58 lakh customers during April to June 2020 to increase the availability and access to its online services in the wake of the COVID-19 epidemic. Have done This includes Aadhaar seeding for 52.12 lakh customers, mobile seeding (UAN activation) for 17.48 lakh customers and bank account seeding for 17.87 lakh customers. Actually, KYC is a process that helps in identity verification of customers through linking of Universal Account Number (UAN) with KYC details.
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Any KYC member can avail all online services through the desktop or through the Umang app. Furthermore, to enable KYC seeding on such a large scale, the Employees Provident Fund Organization (EPFO) has worked extensively to improve customer details even during the lockdown phase. This resulted in 9.73 lakh name corrections, 4.18 lakh birth dates and 7.16 lakh Aadhaar number corrections during April-June 2020.
During the COVID-19 epidemic, EPFO adopted a Work from Home strategy for timely updation of KYC accounts to avoid social discrimination in office. Employees working from home were tasked with updating KYC and improving the details.
