New Delhi: EPFO has recently entered into agreements with 15 additional Public/Private Sector Banks for collection of EPFO contributions.

“The newly empanelled 15 banks will enable direct payment of nearly Rs. 12,000 Crore in annual collections and enable direct access to employers who maintain their accounts with these banks. For enabling employers covered under the Act to pay their monthly contributions, EPFO has already empanelled 17 banks, taking the total to 32,” said a Ministry of Labour & Employment release.

The empanelment of new banks will bring seamless integration of EPFO collections/dues payments by employers, further reducing the need of aggregator payment mechanism for employers, which will help both EPFO & employers to reduce transactional delays and thereby strengthening operational efficiency, said the government release.

1.           Axis Bank

2.           Bandhan Bank

3.           Bank of Baroda

4.           Bank of India.

5.           Bank of Maharashtra

6.           Canara Bank

7.           Central Bank Of India

8.           City Union Bank

9.           Development Bank of Singapore

10.         Development Credit Bank

11.         Federal Bank

12.         HDFC Bank

13.         HSBC Bank

14.         ICICI Bank

15.         IDBI Bank

16.         IDFC First Bank

17.         Indian Bank

18.         Indian Overseas Bank

19.         IndusInd Bank

20.         Jammu & Kashmir Bank

21.         Karnataka Bank

22.         Karur Vysya Bank

23.         Kotak Mahindra Bank

24.         Punjab National Bank

25.         RBL Bank

26.         South Indian Bank

27.         Standard Chartered Bank

28.         State Bank of India

29.         Tamilnad Mercantile Bank

30.         UCO Bank

31.         Union Bank of India

32.         Yes Bank

This will yield financial benefits for EPFO, as dues remitted through empanelled banks will be available for investment on T+1 day, compared to T+2 day through aggregator.

This will also significantly reduce costs to EPFO payable for name validation of members’ accounts held in non-empanelled banks. EPF members will also be benefitted by this empanelment in a big way.

Now when members will seed their bank accounts maintained in these banks, these will be verified in a speedier manner by these banks instead of routing these through any other channel.

This initiative will enhance both the Ease of Doing Business and the Ease of Providing Service for employers and it will also translate these benefits for the members, reducing lags in payments of their contributions. Further, it will also help employers to interact with these banks directly for grievances related to payment of dues, added the Ministry of Labour & Employment.

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