EPFO bags Financial Inclusion & Payment Systems Award 2013
New Delhi: Retirement fund body EPFO which has subscribers' base of over five crore, has bagged the Financial Inclusion & Payment Systems (FIPS) Award 2013 for its work in online payments of PF and pension.
The Award was given by Minister of State for Finance Jesudasu Seelam in the Global Conference of FIPS held here today, a press statement said.
On this occasion, Labour Minister Sis Ram Ola has congratulated the Employees' Provident Fund Organisation on receiving the FIPS Award 2013.
The award has been given for excellent work in online payments of Provident Fund and Pension through NEFT and CBS, respectively.
During the current year, more than 92 percent of provident fund payments have been effected using RBI's operated National Electronic Fund Transfer (NEFT).
On an average 9 lakh payments are made through NEFT every month by EPFO. The body has also implemented pension payments through the Core Banking Solutions (CBS) of public and private sector banks by uploading the data to directly credit the pension on a real time basis in the beneficiaries? accounts in the paying branches.
The pension payments are being effected for over 40 lacs pensioners every month on the CBS platform offered by the banks. The adoption of modern electronic payment system by the EPFO has been able to achieve financial inclusion for all strata of society across the length and breadth of the country.
EPFO has been able to foster financial inclusion to much of rural India by extending the benefits of e-payments. The e-payments which have been adopted for provident fund subscribers and pensioners have been safe, simple and at no cost to the beneficiaries and at low cost to the Organisation.