The Central Board of Employees Provident Fund Organisation (EPFO) on Friday "proposed to move" towards the centralised payment system using National Payments Corporation of India platform due to higher cost involved in the current payment mode, non-Aadhaar enabled payments and delays in re-credits.
"Present decentralised system of EPFO for making payment to its beneficiaries involves higher cost of transactions, delays in re-credits in case of failed transaction and does not provide for Aadhaar enabled payments," it said in a statement.
As per the board, the proposed system would help in transfer of funds on the same day to beneficiaries, availability of the facility of Aadhaar enabled transfer of funds and reduction in bank charges for transaction.
"Office may reconcile the transaction status on T+0 basis. This will result in early re-credit in the accounts of beneficiaries in the case of failed transactions," reads the release.
The board gave in-principle approval to it.
It also took a note of the recent IT based initiatives for better services to its stakeholders, which include introduction of online request functionality to EPF Subscribers for correction in name, date of birth and gender, and online Aadhaar verified UAN allotment to any citizen at unified portal.