NEW DELHI: Subscribers of the Employees' Provident Fund Organisation (EPFO), the State-backed retirement fund manager, may soon not require approvals before withdrawing money from their accounts during financial emergencies, a senior official said, asking not to be named.
The labour ministry is in the process of modifying rules to allow members to directly take out cash through special ATMs for the purpose through a self-approval process — a move aimed at cutting down cumbersome processes, the official said. Documents required to avail of such partial withdrawals will have to be digitally uploaded.
However, the current limits of partial withdrawal of funds and conditions will continue to apply, the official said, adding that discussions with the Reserve Bank of India (RBI) are underway to facilitate the change.
Employees cannot withdraw their savings while still in employment but there are exemptions for personal emergencies. "Our ministry's aim is that an EPFO member should be able to access his or her own money without any difficulty. For this, the ministry is undertaking a series of reforms," Union labour and employment minister Mansukh Mandaviya said last month.
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