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For PF Dues and Payments, EPFO Partners with ICICI Bank and Others
July 12, 2017
India’s Social Schemes Body EPFO has signed pacts with five banks to help in the collection of PF dues and payments of insurance, pension, and withdrawals under the PF schemes. The five banks i.e. Axis Bank, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, and ICICI Bank will facilitate the payments for EPFO and also save it about Rs. 125 crore every year.
Prior to the arrangement with the banks, EPFO had to take care of payments and dues through an aggregator which cost Rs. 12 per transaction.
