EPFO updates KYC for 73.58L subscribers during April-June

EPFO updates KYC for 73.58L subscribers during April-June

The Employees’ Provident Fund Organisation (EPFO) extended its availability and reach of its online services and updated Know your Customer (KYC) data for its 73.58 lakh subscribers during April to June amid COVID-19 pandemic.

EPFO Complex.

This includes Aadhaar seeding for 52.12 lakh subscribers, mobile seeding (UAN activation) for 17.48 lakh subscribers and bank account seeding for 17.87 lakh subscribers, says Ministry of Labour and Employment.

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 a large scale, the Ministry said, the EPFO has also undertaken massive exercise of rectifying the demographic details of the subscribers even during the lockdown phase. This resulted in 9.73 lakh name corrections, 4.18 lakh date of birth corrections and 7.16 lakh Aadhaar number corrections during April-June, it said.

To ensure social distancing in office during COVID-19 pandemic, EPFO adopted work from home strategy for time bound updation of KYC accounts and staff working from home was assigned the task of updating the KYC and rectifying the details, reducing the pendency to almost day to day basis.

In addition, 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.

KYC updation enables a member to avail online services through a member portal. One can file online for final withdrawal and advances including the recently introduced COVID-19 advances under Pradhan Mantri Garib Kalyan Yojana (PMGKY). The KYC updation facilitates hassle free online transfer of Provident Fund account on switching jobs. “Any KYC compliant member can avail all the online services either through desktop or through Umang App,” the Ministry said.

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