Tuesday, November 30, 2021
HomeTaxClue NewsEPFO updates KYC for 52.62 lakh subscribers since 1st April, 2020

EPFO updates KYC for 52.62 lakh subscribers since 1st April, 2020

To extend the availability and reach of online services, which have become crucial in the wake of the COVID-19 pandemic, EPFO updated Know your Customer (KYC) data for its 52.62 lakh subscribers in the month of April and May 2020. This includes Aadhaar seeding for 39.97 lakh subscribers, mobile seeding (UAN activation) for 9.87 lakh subscribers, and bank account seeding for 11.11 lakh subscribers. KYC is a one-time process which helps in identity verification of subscribers through linking of Universal Account Number (UAN) with KYC details.

Further, to enable KYC to seed on such a large scale, EPFO has also undertaken the massive exercise of rectifying the details of the subscribers even during the lockdown. This resulted in 4.81 lakh name corrections, 2.01 lakh date of birth corrections, and 3.70 lakh Aadhaar number corrections in the last two months.

In order to balance the need to ensure the safety of its staff by maintaining social distancing in the office during the lockdown on one hand and to facilitate KYC updation for the subscribers, on the other hand, EPFO adopted twin strategy of Work from Home and simplification of KYC updation process. Staff working from home were assigned the task of updating the KYC and rectifying the details, reducing the pendency to an almost day to day basis. Major simplification in processes, such as removing the dependency on employers for Aadhaar seeding and accepting Aadhaar as proof of date of birth for differences up to three years, has expedited the entire process.

KYC updation enables a member to avail of online services through the member portal. He can file online for final withdrawal and advances including the recently introduced COVID-19 advances under Pradhan Mantri Garib Kalyan Yojana (PMGKY). It facilitates the hassle-free online transfer of PF account on switching jobs. Any KYC compliant member can avail of all the online services either through the desktop or through Umang App.

Despite the constraints imposed due to COVID restrictions, EPFO is committed to bringing its services to the doorstep of its members by adopting the online mode. It had also helped EPFO in improving its service delivery, both quantitatively and qualitatively, by cutting downtime for claim settlement, EPF advances, PF transfer, and pension processing.

TaxClue Teamhttp://taxclue.in
Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building.

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