EPFO Ties with 4 Private and 1 Public sector bank to reduce transactions costs

EPFO has tied up with these 5 banks below to reduce the transaction costs for Employers .The Banks are

  • Bank of Baroda (PSU)
  • HDFC Bank (Private)
  • ICICI Bank (Private)
  • Axis Bank (Private)
  • Kotak Mahindra Bank (Private)

Previously the PF amount has been collected through only these Banks

  • Punjab National Bank
  • Indian Bank
  • Allahabad Bank
  • Union Bank
  • State Bank of India

With these, Payment can be made through in direct online mode rather than through aggregator mode and EPFO might save 350 crore by these measures and talks are in with more banks also