EPFO and ESIC may launch e-wallet facility for claim settlement
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There is good news for EPFO and ESIC subscribers. They will soon be able to receive their claim settlement money through e-wallet. Earlier, EPFO had announced to start the facility of withdrawing money from ATM for its members.
It is said that EPFO and ESIC are focusing on making their facilities digital. For this, both want to use modern technology.
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Discussion with RBI on the plan
Secretary of the Ministry of Labor and Employment, Sumita Dawra, recently gave important information about this. She said that the government has discussed this plan with the Reserve Bank ( RBI ). This will greatly benefit the subscribers of both organizations. Currently, the claim settlement money is transferred directly to the subscribers’ bank accounts. She said that discussions are going on to prepare a system to transfer the settlement money to e-wallet. For this, the help of banks will be needed.
Increased use of IT for services
Dawra had told some time ago that the government is improving the information technology infrastructure to provide better facilities to the subscribers. In the recent past, the speed of auto settlement of claims has increased. If advanced technology is used in EPFO like the banking sector, then it will be easy to offer better facilities to the subscribers. He said that the facility of withdrawing EPF money from ATM is a big step.
RBI approval required
Experts say that it will take time to start the facility of ATM withdrawal of EPFO claim money. The reason for this is that this proposal is still in its initial stage. It will require extensive discussions with many parties. First of all, RBI’s approval is required for this. RBI is very cautious in using new technology. The matter can move forward only after it is assured of its security aspect.
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