Home > Finance > EPFO updates KYC details for over 73 lakh members during April-June

EPFO updates KYC details for over 73 lakh members during April-June

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Amid novel coronavirus outbreak and subsequent nationwide lockdown in order to curb the virus spread, retirement fund body EPFO has updated Know Your Customer (KYC) details for 73.58 lakh subscribers during the April-June period, according to a labour ministry statement.

This updation includes Aadhaar seeding for 52.12 lakh subscribers, mobile seeding (UAN activation) for 17.48 lakh subscribers and bank account seeding for 17.87 lakh subscribers.

The KYC is a one-time process which helps in identity verification of subscribers through linking of Universal Account Number (UAN) with KYC details.

“To extend the availability and reach of its online services, which have become crucial in the wake of the Covid-19 pandemic, EPFO updated Know your Customer (KYC) data for its 73.58 lakh subscribers during the month of April to June 2020,” the statement said.

Further, to enable KYC seeding on such large scale, EPFO has also undertaken massive exercise of rectifying the demographic details of the subscribers even during the lockdown phase. This resulted in 9.73 lakh name corrections, 4.18 lakh date of birth corrections and 7.16 lakh Aadhaar number corrections during April-June 2020.

In order to balance the need to ensure safety of its staff by maintaining social distancing in office during the lockdown on one hand and to facilitate KYC updation for the subscribers on the other hand, the 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 almost day to day basis.

In addition, 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 online services through 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 hassle free online transfer of PF account on switching jobs. Any KYC compliant member can avail all the online services either through desktop or through Umang App.

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