EPFO Drops Cheque Upload and Employer Approval for Bank Seeding
Why in the news
The Employees’ Provident Fund Organisation simplified online claim filing and the linking of bank accounts to the Universal Account Number (UAN).
Key facts
- Scanned cheque leaf or attested passbook is no longer needed, as the bank account is verified at UAN seeding. Piloted from May 28, 2024, reaching over 1.7 crore members; around 6 crore now gain.
- Employer approval for seeding or changing bank details is scrapped; Aadhaar OTP authenticates directly.
| Step | Duration |
|---|---|
| Bank verification | About 3 days |
| Employer approval | About 13 days |
Significance
- Faster claims, fewer rejections and grievances, lighter employer workload.
Exam angle
- Pilot date: May 28, 2024; authentication: Aadhaar OTP.