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 yet made," 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.
This story is from the December 14, 2024 edition of Financial Express Bengaluru.
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This story is from the December 14, 2024 edition of Financial Express Bengaluru.
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