Withdrawal of Provident Fund (PF) money through an ATM could soon become a reality. To enhance "ease of living," the government is mulling to introduce this facility by early next year, official sources told FE. The labour ministry is going to hold consultations with the RBI and major commercial banks to prepare a roadmap, the sources said.
"Currently, the plan is at a nascent stage, and a blueprint is not made yet," an official said. "We wish to improve the digital infrastructure of the Employees' Provident Fund Organisation (EPFO) first. Only then, such a mechanism can be introduced," the person added. Currently, the EPFO has over 70 million active contributors.
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