New Delhi: Retirement fund body Employees' Provident Fund Organisation (EPFO) on Wednesday said that it has updated Know your Customer (KYC) data for its 52.62 lakh subscribers in the month of April and May 2020.
This has been done to extend the availability and reach of online services, which have become crucial in the wake of the COVID-19 pandemic, an official release said.
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.
KYC is a one-time process which helps in identity verification of subscribers through linking of Universal Account Number (UAN) with KYC details.
Further, to enable KYC seeding on such 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.
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. The subscriber 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.