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Home / Money / Personal Finance /  Amid pandemic, EPFO updates KYC details of its subscribers in July

New Delhi: Retirement fund body EPFO made signficant progress in updating KYC of its subscribers during July 2020 despite Covid-19 Pandemic, the government said.

During the month of July 2020, Employees' Provident Fund Organisation has been successful in updating 2.39 lakh Aadhaar numbers, 4.28 lakh mobile numbers and 5.26 lakh bank accounts in the UAN of its subscribers, said Ministry of Labour & Employment.

"As the country faces the unprecedented challenge of the Covid-19 pandemic, the concept of social distancing has assumed immense importance. EPFO, as the principal social Security Organization in the country, has been striving hard, to provide unhindered services to its subscribers through digital mode with almost minimal contact," the ministry said in an official statement.

"The organization, in its endeavor to extend the availability and reach of its online services, has been proactively updating its Know Your Customer (KYC) data to enable its subscribers in availing its services through online mode," the ministry further said.

The KYC updation is a one time process that helps in the identity verification of its subscribers through linking of the Universal Account Number (UAN) with the KYC details. Once this exercise is completed and seeded KYC details validated, the EPFO subscriber becomes empowered to avail services of EPFO through digital mode.

"In order to safeguard its subscribers and its employees, the organization has consciously adopted a strategy for active focus on KYC updation of its subscribers, through deployment of its workforce on this crucial task as Work From Home activity. A large number of EPFO staff members are exclusively assigned the task of updating KYC, including rectification of the details as a WFH activity. This has been undertaken as a time bound exercise which has yielded very encouraging results. This KYC updation has helped tremendously in empowerment of EPFO subscribers for availing services of EPFO in digital mode and thus eliminating need for any kind of physical contact with any office of EPFO for its needs," the ministry said.

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