EPFO Updates: 15 More Banks Added To EPFO Contribution Collection List, Taking Total to 32 Banks- Check List!

Employees' Provident Fund Organisation (EPFO) announced on Tuesday that it has expanded its network of empanelled banks to include 15 more banks in order to collect contributions, bringing the total to 32.

The retirement fund organisation entered into agreements with 15 additional Public/Private Sector Banks in the presence of Union Minister Mansukh Mandaviya in New Delhi, a Labour Ministry statement said.

Below are the 15 New empanelled banks:

HSBC Bank, Standard Chartered Bank, Federal Bank, IndusInd Bank, Karur Vysya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, UCO Bank, Karnataka Bank, Development Bank of Singapore, Tamilnad Mercantile Bank, Development Credit Bank and Bandhan Bank.

Below are the Existing 17 empanelled banks:

State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, IDBI Bank, Indian Bank Indian Overseas Bank, Yes Bank, Bank of Maharashtra, Central Bank Of India, Jammu & Kashmir Bank and Bank of India.

According to the labour ministry statement, EPFO has already empanelled 17 banks, bringing the total to 32, to facilitate the payment of monthly contributions by employers covered by the Act. Employers who have accounts with the newly-acquired 15 banks will now have direct access to it to receive direct payments of around Rs 12,000 Crore in annual collections.

Union Minister of Labour & Employment Dr. Mansukh Mandaviya, in his address said, "The country's progress towards a Naya Bharat is being significantly supported by institutions like the EPFO, which plays a crucial role in shaping the nation's future. With nearly 8 crore active members and more than 78 lakh pensioners, EPFO provides benefits that ensure social security for millions."

He highlighted EPFO's ability to change and adapt, mentioning the recent implementation of EPFO 2.01, a solid IT system that has significantly improved claim settlements. He said, "In the Financial Year 2024-25, EPFO settled record over 6 crore claims, a 35% increase compared to the 4.45 crore claims settled in the previous year 2023-24."

"This system will benefit over 78 lakh pensioners, enabling them to receive their pensions in any bank account across the country. Previously, pensioners were required to have an account in a specific zonal bank, this compulsion has now been removed," Union Minister said.

Dr. Mandaviya also emphasised EPFO's dedication to ongoing development. He said, "We are focused on providing Ease of Living for members and Ease of Doing Business for employers. With the continued support of our banking partners, employers, and members, we are determined to take strong strides toward realizing the vision of a Viksit Bharat, while further strengthening our social security framework."

EPFO is one of the world's major social security organisations which has been implementing numerous efforts to streamline processes for EPFO members and improve employers' experiences when dealing with it. EPFO collected about Rs 3.41 lakh crore in contributions from employers through 1.25 crore electronic challan cum returns (ECRs) until March 20, 2025.

Employers will find it easier to do business and provide services because of this initiative, which will also benefit members by lowering payment delays for their contributions. Additionally, it will facilitate direct communication between employers and these banks regarding complaints pertaining to dues payment.