IMPHAL, Nov 19: Sis Ram Ola, the Minister for Labour & Employment has congratulated Employment Provident Fund Organization (EPFO) on receiving the FIPS Award 2013, conveyed it in a press release of EPFO.
The Award was given by Jesudasu Seelam Minister of State for Finance, Government of India in the Global conference of financial Inclusion & Payment Systems (FIPS) held at New Delhi on October 25, 2013. The award has been given for excellent work in online payments of Provident Fund and Pension through NEFT and CBS respectively, it said.
During the current year, more than 92% of provident fund payments have been effected using RBI`s operated National Electronic Fund Transfer (NEFT). On an average 9 lacs payments are made through NEFT every month by the organization.
EPFO has also implemented pension payments through the Core Banking Solutions (CBS) of public and private sector banks by uploading the data to directly credit the pension on a real time basis in the beneficiaries’ accounts in the paying branches. The pension payments are being effected for over 40 lacs pensioners ever month on the CBS platform offered by the banks.
The adoption of modern electronic payment system by the EPFO has been able to achieve financial inclusion for all strata of society across the length and breadth of the country. EPFO has been able to foster financial inclusion to much of rural India by extending the benefits of e-payments. The e-payments which have been adopted for provident fund subscribers and pensioners have been safe, simple and at no cost to the beneficiaries and at low cost to the Organisation, it said.