EPFO Partners with 15 More Banks for Direct Transactions

Quick Summary

• The Employees’ Provident Fund Organisation (EPFO) signed agreements with 15 additional public and private sector banks for direct transactions.
• This move facilitates payment of nearly Rs 12,000 crore in annual collections by EPFO and provides direct access to employers who maintain accounts with thes banks.
• with the inclusion of these banks, the total number of empanelled banks conducting direct transactions with EPFO rises to 32.
• EPFO has an active subscriber base of approximately 80 million members and more than 7.8 million pensioners receiving social security benefits.
• Labor and Employment Minister Mansukh Mandaviya emphasized ease of living for subscribers and ease of doing business for employers through strengthened social security measures, contributing toward the vision of “Viksit Bharat.”
• In FY 2024-25,EPFO collected over Rs 3.41 lakh crore in employer contributions via around 1.25 crore electronic challan cum returns (ECRs) as on March 20,2025.
• The central board approved empanelment criteria allowing all agency banks listed with RBI or scheduled commercial banks with a minimum collection share (≥0.20%) to collect EPFO contributions.

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Indian Opinion Analysis
The addition of new banking partners marks a meaningful step in improving access to EPFO services for both employers and subscribers nationwide by enabling seamless digital transactions across more financial institutions. Increasing the network to include a total of 32 empanelled banks aligns well with India’s shift toward technology-driven governance initiatives meant to enhance operational efficiency.

From an economic standpoint, managing collections through diverse banking channels not only ensures broader coverage but also fosters trust among stakeholders like employers who benefit from simplified compliance procedures within the unified framework promoted by EPFO’s electronic challan system.

minister Mansukh Mandaviya’s emphasis on leveraging collaborations echoes India’s larger focus on strengthening financial systems that underpin social security frameworks while pursuing developmental goals such as “Viksit Bharat.” Though,sustained transparency in operations coupled with proactive resolution mechanisms will be critical in maintaining this momentum and delivering intended benefits effectively across regions.