EPFO updated the KYC details of its 52.62 lakh customers during the period April-May. The updation includes Aadhaar for 39.97 lakh customers, Mobile for 9.87 lakh customers (UAN activation) and Bank account update for 11.11 lakh customers. This information has been given by the Ministry of Labor. KYC (Know Your Customer) is a one-time process, which helps the Universal Account Number (UAN) in verifying the identity of customers with KYC details.
The Employees Provident Fund Organization (EPFO) has updated KYC data for its 52.62 lakh customers in the months of April and May 2020 to increase the availability and accessibility of online services. EPFO has also extensively improved customer details during lockdown. In the last two months, there have been improvements of 4.81 lakh names, 2.01 lakh birth dates and 3.70 lakh Aadhaar numbers.
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To maintain social distance in the office during lockdown on the one hand and on the other hand to ensure the safety of its employees engaged in KYC updation for customers, EPFO adopted a work-at-home and simplification strategy. Employees working from home were tasked with updating KYC and improving details, reducing pendency almost day-to-day.
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The KYC updation enables the member to avail online services through the portal. This has helped EPFO to serve both quantitatively and qualitatively, by reducing time for claim settlement, EPF advance, PF transfer and pension processing.