PF Latest Update: 32 Banks Now Empanelled For Collection Of EPFO Contributions; Check Complete List Of Banks

Here Are The Complete List Of 32 Banks That Are Empanelled For Collection Of EPFO Contributions (list in alphabetical order) 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. Here Are The Complete List Of 32 Banks That Are Empanelled For Collection Of EPFO Contributions (list in alphabetical order) 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. Stay informed on all the latest news , real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.

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