EPFO updates KYC details of 73.58 lakh members in Apr-Jun


NEW DELHI: Retirement fund body EPFO updated KYC details of 73.58 lakh subscribers in April-June, which enabled them to access a host of its online services, the Labour Ministry said on Monday. KYC updation enables a member to avail online services through member portal. A subscriber can file online for final withdrawal and advances including the recently introduced COVID-19 advances under Pradhan Mantri Garib Kalyan Yojana (PMGKY).

“To extend the availability and reach of its online services, which have become crucial in the wake of the COVID-19 pandemic, the EPFO updated Know Your Customer (KYC) data for its 73.58 lakh subscribers during the month of April to June 2020,” the ministry said in a statement.

This includes Aadhaar seeding for 52.12 lakh subscribers, mobile seeding (UAN activation) for 17.48 lakh subscribers and bank account seeding for 17.87 lakh subscribers.

The KYC is a one-time process which helps in identity verification of subscribers through linking of Universal Account Number (UAN) with KYC details.

Any KYC-compliant member can avail all the online services either through desktop or through Umang App.

Further, to enable KYC seeding on such large scale, the Employees Provident Fund Organisation (EPFO) has also undertaken massive exercise of rectifying the demographic details of subscribers even during the lockdown phase.

This resulted in 9.73 lakh name corrections, 4.18 lakh date of birth corrections and 7.16 lakh Aadhaar number corrections during April-June 2020, it added.

To ensure social distancing in office during COVID-19 pandemic, the EPFO adopted Work From Home strategy for time bound updation of KYC accounts.

READ  Here's what happens to your 401(k) loan if you are laid off

Staff working from home was assigned the task of updating the KYC and rectifying the details, reducing the pendency to almost day to day basis, it said.

In addition, major simplification in processes such as removing the dependency on employers for Aadhaar seeding and accepting Aadhaar as proof of date of birth for differences up to three years, has expedited the entire process, it claimed.

The EPFO has a subscriber base of around six crore.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here