Skip to main content

EPFO reduces claim settlement period to 10 days

By

Retirement fund manager EPFO has reduced the stipulated period for settlement of various claims such PF withdrawal, pension and insurance to 10 days from 20 at present.

In July 2015, the Employees' Provident Fund Organisation (EPFO) had reduced the timeline for settling various claims to 20 day to improve the service delivery for its over four crore subscribers.

The body has launched the online claim settlement facility on May 1, 2017. It has planned to eventually settle claims of all Aadhaar and bank account seeded EPF accounts within three hours of receipt of an application.

"The timeline in case of claim settlements is 10 days and 15 days in case of grievance redressal management," an EPFO statement said.

These are new provisions in the EPFO's Citizens' Charter 2017 launched in Bangalore on Tuesday by Labour Minister Bandaru Dattatreya.

It said the Charter is an attempt to bring transparency and accountability on the part of EPFO and make service delivery system and grievance redressal mechanism more efficient.

The EPFO e-court Management System has also been launched which is in tune with the vision of Prime Minister Narendra Modi of digital India.

The objective of the project is a transparent and electronic case management system which will cater to aspirations of all stakeholders-the employers, the employees, litigants and CBT.

It is a step towards paperless court system wherein court procedure of EPF & MP Act, 1952 and EPFAT (tribunal) will take place in a digital environment.

Further, in order to facilitate easy access to the tribunal, automated messages will be sent to the litigants on their registered mobile numbers on the status of their cases. The stakeholders can also track the individual cases online, it said.

Now the parties can file all their paper/evidence/ documents online and all the details alongwith status can be accessed online. Updation is an important part of e-court management system in which digital case record will create a digital database which can be utilised to generate meaningful and accurate reports, it said.

Business Standard New Delhi, 17th May 2017

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more