EPFO Expands Banking Network to 32 Banks

New Delhi, Apr 1 (PTI) Retirement fund body EPFO on Tuesday announced expansion of its empanelled banking network by 15 additional banks to collect contributions, taking the total number of banks to 32.

The Employees' Provident Fund Organisation (EPFO) entered into agreements with 15 additional Public/Private Sector Banks in the presence of Union Labour Minister Mansukh Mandaviya in New Delhi on Tuesday, a Labour Ministry statement said.

The newly empanelled 15 banks will enable direct payment of nearly Rs 12,000 Crore in annual collections and enable direct access to employers who maintain their accounts with these banks.

For enabling employers covered under the Act to pay their monthly contributions, EPFO has already empanelled 17 banks, taking the total to 32, it stated.

Mandaviya, in his address, stated that the country's progress towards a "Naya Bharat" is being significantly supported by institutions like the EPFO, which plays a crucial role in shaping the nation's future.

With nearly 8 crore active members and more than 78 lakh pensioners, EPFO provides benefits that ensure social security for millions, he added.

He emphasized how EPFO continues to evolve and adapt, with the recent implementation of EPFO 2.01, a robust IT system that has significantly improved claim settlements. He said in the Financial Year 2024-25, EPFO settled record over 6 crore claims, a 35 per cent increase compared to the 4.45 crore claims settled in the previous year (2023-24).

Mandaviya pointed out that customer satisfaction has risen significantly, and EPFO is actively working on evolving towards EPFO 3.0 to make it as accessible and efficient as banks. He said that a significant milestone was also marked with the introduction of the Centralized Pension Payment System.

"This system will benefit over 78 lakh pensioners, enabling them to receive their pensions in any bank account across the country. Previously, pensioners were required to have an account in a specific zonal bank, this compulsion has now been removed," Union Minister explained.

Mandaviya reiterated EPFO's commitment to continuous improvement. "We are focused on providing Ease of Living for members and Ease of Doing Business for employers. With the continued support of our banking partners, employers, and members, we are determined to take strong strides toward realizing the vision of a Viksit Bharat, while further strengthening our social security framework.

The EPFO, one of the largest social security organisations in the world, has been taking a series of efforts to simplify processes for members and enhance employers' experience in transacting with it.

In FY2024-25, EPFO has collected over Rs 3.41 lakh crore in contributions remitted by employers through 1.25 crore electronic challan cum returns (ECRs) till 20th March 2025.

The 15 New banks empanelled: HSBC Bank, Standard Chartered Bank, Federal Bank, IndusInd Bank, Karur Vysya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, UCO Bank, Karnataka Bank, Development Bank of Singapore, Tamilnad Mercantile Bank, Development Credit Bank and Bandhan Bank.

Existing 17 empanelled banks: State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, IDBI Bank, Indian Bank Indian Overseas Bank, Yes Bank, Bank of Maharashtra, Central Bank Of India, Jammu & Kashmir Bank and Bank of India.