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EPFO updates KYC details of 52.62 lakh subscribers in two months

Employees Providend Fund Organisation building at Bandra. File

Employees Providend Fund Organisation building at Bandra. File   | Photo Credit: Supreet Sapkal

KYC compliance is required for withdrawal application under COVID-19 related scheme

The Employees’ Provident Fund Organisation (EPFO) said in a statement on Wednesday that it had updated the know your customer (KYC) details, which are required for online services such as withdrawing money from EPF accounts, of 52.62 lakh subscribers in April and May.

Under the special COVID-19 pandemic-related withdrawal scheme started in March, EPF subscribers can apply for non-refundable advance to the tune of three months’ basic pay and dearness allowance or 75% of the amount in their account. Applications could only be made online due to the pandemic and lockdown.

“To extend the availability and reach of online services, which have become crucial in the wake of the COVID-19 pandemic, the EPFO updated KYC data for 52.62 lakh subscribers in the month of April and May 2020. This includes Aadhaar seeding for 39.97 lakh subscribers, mobile seeding (universal account number activation) for 9.87 lakh subscribers and bank account seeding for 11.11 lakh subscribers,” it said.

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Printable version | Jul 8, 2020 10:53:13 AM | https://www.thehindu.com/news/national/epfo-updates-kyc-details-of-5262-lakh-subscribers-in-two-months/article31737545.ece

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