During the Covid pandemic, EPFO tried to help subscribers in using online services like withdrawal claims. The Employees’ Provident Fund Organisation (EPFO) announced that it has now updated Know your Customer (KYC) data for 52.62 lakh subscribers in the last two months.
“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,” the retirement funds body said.
KYC is a process that helps in the verification of subscribers by linking of Universal Account Number (UAN) with KYC details. In order to enable KYC seeding on such large scale, EPFO has rectified the details of the subscribers even during the lockdown.
This includes 4.81 lakh name corrections, 2.01 lakh date of birth corrections and 3.70 lakh Aadhaar number corrections in the last two months.
With this KYC updation, members can avail online services through the unified members portal. They can file online claim for final withdrawal and advances including the recently introduced COVID-19 advance. It helps them to make easy online transfer of PF account on switching jobs. Any member who has KYC can use all the online services either through the portal or through the Umang app.
EPFO said that main simplification has helped I speeding up the process, 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.