Even as talks on customers being able to withdraw their provident fund money from automated teller machines (ATMs) from early 2025 gain traction, no on-the-ground work has been initiated yet by banks, white label ATM operators and cash management service companies, sources say.
“We are not aware about this policy change. Any input pertaining to this move must flow to us from the Reserve Bank of India (RBI),” an industry source said.
Another source shared similar views, saying the proposed idea is nascent, and the regulator has yet to issue a directive in this regard. A sector official at a large public sector bank said such upgradation would be cumbersome and may take up to three years for full implementation. Officials at large and mid-sized private banks shared similar views. According to RBI data, banks across India have set up more than 2.16 lakh ATMs and cash recycler machines (CRMs).
Enhancing customer service
In an interview with news agency ANI earlier this month, Labor Secretary Sumita Dawra said the labor ministry is upgrading its IT systems to provide enhanced services to the country’s workforce.
Starting next year, the report said, EPFO subscribers would be able to withdraw funds from their provident fund account directly via ATMs.
“We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” she was quoted as saying by ANI.
“Systems are evolving, and every two to three months you will notice significant improvements. I believe there will be a major enhancement by January 2025,” she added.