The EPFO has expanded its empanelled banking network, adding 15 additional banks for collection of contribution which will allow direct access to employers having accounts in these new banks.
The empanelled 15 banks will enable direct payment of nearly ₹12,000 crore in annual collections and enable direct access to employers who maintain their accounts with these banks.
The 15 new banks empanelled are: 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.
For enabling employers covered under the Act to pay their monthly contributions, the EPFO had already empanelled 17 banks, taking the total to 32, the Ministry stated.
The existing 17 empanelled banks are: 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.
Union Minister of Labour & Employment and Youth & Sports, Mansukh Mandaviya said 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 flagged.
The Minister emphasised EPFO continues to evolve and adapt, with the recent implementation of EPFO 2.01, a robust IT system that has significantly improved claim settlements.
In the Financial Year 2024-25, he said, the 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).
