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    EPFO updated KYC data for 52.62 lakh subscribers in April, May

    Synopsis

    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 Employees’ Provident Fund Organisation said in a statement on Wednesday.

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    Any KYC compliant member can avail all the online services either through desktop or through Umang App.
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    In an effort to help its subscribers avail online provident fund facilities at the time of COVID-19 pandemic, the Employees’ Provident Fund Organisation (EPFO) said it has updated know your customer (KYC) data for its 52.62 lakh subscribers in the month of April and May 2020.

    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, it said in a statement on Wednesday.

    KYC is a one-time process which helps in identity verification of subscribers through linking of Universal Account Number (UAN) with KYC details. KYC updation enables a member to avail online services through a member portal. These include application for final withdrawal and advances including the recently introduced COVID-19 advances under Pradhan Mantri Garib Kalyan Yojana (PMGKY).

    Besides, 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.

    Further, to enable KYC seeding on such a large scale, EPFO has also undertaken massive exercise of rectifying the details of the subscribers even during the lockdown. “This resulted in 4.81 lakh name corrections, 2.01 lakh date of birth corrections and 3.70 lakh Aadhaar number corrections in the last two months,” it added.

    According to EPFO, 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.

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