EPFO Launches New Software For Changing KYC Details: 40,000 Requests Already Approved

EPFO operationalises a software facility where members can request KYC changes online. Read on to learn more
EPFO Launches New Software For Changing KYC Details
EPFO Launches New Software For Changing KYC Details

The Employees’ Provident Fund Organisation (EPFO) operationalised a software facility where members can file the changes in know-your-customer (KYC) details in an online mode, the Ministry of Labour & Employment said in a statement on June 1, 2024. It added that members have already started filing their requests for KYC changes using this new facility and around 40,000 claims have already been approved by the field offices of EPFO.

How The New Portal Works?

The online portal allows for changes or rectification in member data, such as name, gender, date of birth, parent's name, marital status, nationality, and Aadhaar in an online mode where you have to upload the relevant prescribed documents.

“The consistency of the data of the member in the records of the EPFO is of paramount importance to ensure that the services are provided online seamlessly and to the correct member duly avoiding any risk of erroneous payments or frauds," the ministry said.

Adding that the integrity of the data in the Member Profile is thus ensured by a Standard Operating Procedure (SOP), the ministry said, "It has now been operationalized by EPFO in a digital online mode.”

The requests for changes in KYC details accompanied with relevant supporting documents are forwarded to the Provident Fund (PF) offices across the country through the respective employers, the release said. These requests will be received by the employees who after verification will recommend them for approval.

Till June 1, 2024, the verification authorities have received around 2.75 lakh requests using the new facility, out of which the field offices have already approved 40,000 claims.

A proper KYC and matching member profile enables EPFO to provide instant services such as automatic settlement of advances, automatic transfer of PF accounts, e-nomination, etc. without needing physical office visits.

Related Stories

No stories found.
Outlook Business & Money