Govt to allow self-approval for PF withdrawals from next fiscal
Financial Express Kolkata|December 17, 2024
● EPFO to avail cash credit to address any liquidity crunch
PRIYANSH VERMA & PRASANTA SAHU
Govt to allow self-approval for PF withdrawals from next fiscal

The Employees' Provident Fund Organisation (EPFO) may introduce a "self-approval" mechanism for subscribers to withdraw money from their accumulated corpus under an automated process by early next fiscal year, according to official sources.

If this results in any liquidity crunch for the EPFO, it may avail cash-credit from commercial banks to meet temporary requirements, said the sources. By the end of FY24, the total corpus of EPFO was ₹24.75 lakh crore, of which about 63% was invested in financial instruments such as government securities, corporate bonds, and exchange-traded funds. The EPFO is going to hold consultations with the Reserve Bank of India (RBI) and major commercial banks to prepare a road map on how this mechanism can be established, the sources said.

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