Home >Money >Personal Finance >EPFO updates KYC data for over 52 lakh subscribers in 2 months

NEW DELHI : To enable provident fund subscribers use online services like withdrawal claims during the Covid pandemic, the Employees' Provident Fund Organisation (EPFO) today announced that it has updated Know your Customer (KYC) data for its 52.62 lakh subscribers during the last two months.

"This includes Aadhaar seeding for 39.97 lakh subscribers, mobile seeding (UAN activation) for 9.87 lakh subscribers and bank account seeding for 11.11 lakh subscribers," the retirement funds body said.

KYC is a one-time process which helps in identity verification of subscribers through linking of Universal Account Number (UAN) with KYC details. Further, to enable KYC seeding on such large scale, EPFO has also undertaken massive exercise of rectifying the details of the subscribers even during the lockdown.

This resulted in 4.81 lakh name corrections, 2.01 lakh date of birth corrections and 3.70 lakh Aadhaar number corrections in the last two months.

KYC updation enables a member to avail online services through the unified members portal. One can file online claim for final withdrawal and advances including the recently introduced COVID-19 advance. It also facilitates hassle free online transfer of PF account on switching jobs. Any KYC compliant member can avail all the online services either through the portal or through the Umang app.

EPFO said major simplification in processes, such as removing the dependency on employers for Aadhaar seeding and accepting Aadhaar as proof of date of birth for differences up to three years, has expedited the entire process.

Despite the constrains imposed due to COVID restrictions, EPFO is committed to bring its services to the door step of its members by adopting the online mode. It had also helped EPFO in improving its service delivery, both quantitatively and qualitatively, by cutting down time for claim settlement, EPF advances, PF transfer and pension processing.

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