North India Statesman
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Dr. Mandavia said that the customer satisfaction has improved a lot and EPFO is now moving towards EPFO 3.0, which will make it accessible and efficient like banks.
He described the launch of centralized pension payment system as an important step. He said, “This system will benefit more than 78 lakh pensioners, who will now be able to get their pension in any bank account across the country. Earlier, pensioners had to keep an account in a specific regional bank, but now this ban has been lifted.”
The Union Minister also described the vehicle claim settlement process as a significant improvement. He said, “The process is resolving the claims within three days. In 2024-25 we automatically disposed of 2.34 crore claims, which is 160 percent more than 89.52 lakh claims of 2023-24.”
He expressed happiness over the fact that EPFO is offering an interest rate of 8.25 percent to its beneficiaries. Participation in banking services will increase the efficiency of EPFO and improve good governance.
The new banks included in the EPFO include HSBC Bank, Standard Chartered Bank, Federal Bank, IndusInd Bank, Karur Vaishya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, UCO Bank, Karnataka Bank, Development Bank of Singapore, Tamil Nadu Mercury Bank, Development Bank and Bandhan Bank.
