EPFO to launch EPFO 3.0 with UPI and ATM withdrawal capabilities

The Employees' Provident Fund Organisation (EPFO) is preparing to launch ‘EPFO 3.0’, a cloud-based, centralized system designed to modernize provident fund management. The update aims to eliminate server outages and provide faster service by linking PF accounts directly with banking systems and the UPI network. Under this new system, employees may be able to withdraw funds via BHIM UPI or ATMs during emergencies. Additionally, advance claims up to ₹5 lakh are expected to be auto-settled through automated data verification, reducing processing times to 3 to 4 days without requiring manual HR approval.

In a separate development, the Mumbai Suburban District Consumer Commission has penalized the EPFO for a deficiency in service regarding a delayed retirement claim. The commission ruled that the organization failed to settle a claim of over Rs14 lakh within the required 20-day window. Despite the EPFO's argument that the initial submission was incomplete, the commission noted a lack of written communication proving the deficiency. Consequently, the EPFO has been ordered to pay 6 per cent annual interest on the claim amount for the period of the delay.