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EPFO mulls using NPCI platform to transfer beneficiary payment on same day

Aadhaar enabled transfer of funds and transaction cost by way of bank charges will also come down

ANI  |  New Delhi 

Photo: Shutterstock
Photo: Shutterstock

The Employee Organization (EPFO) has proposed to move towards the centralised payment system using National Payments Corporation of platform for payment to the beneficiaries.

"Present decentralised system of for making payment to its beneficiaries involves higher cost of transactions, delays in recredits in case of failed and does not provide for enabled payments," Ministry of Labour and Employment said in a statement.

The benefit of the proposed system is that the funds will be transferred on the same day to the beneficiaries through platform.

The office may reconcile the status on T+0 basis and thus help in early recredit in the accounts of beneficiaries in the case of failed transactions, the official statement said.

"The availability of the facility of enabled transfer of funds and the cost by way of charges will also come down," it added.

The meeting of the Central Board of Employees' Organisation (EPFO) was held in New Delhi on Thursday under the chairmanship of Union Minister of Labour and Employment Santosh Kumar Gangwar approved the proposal.

First Published: Fri, November 24 2017. 14:17 IST