EPFO empanels 15 more banks for contribution collection, taking the total to 32
The Employees' Provident Fund Organisation signed agreements with 15 more public and private sector banks for collecting contributions on 1 April 2025, taking the number of empanelled banks to 32.
Summary
The Employees' Provident Fund Organisation (EPFO) entered into agreements with 15 additional public and private sector banks in New Delhi on 1 April 2025, in the presence of Labour Minister Mansukh Mandaviya, taking the number of banks empanelled for collecting employers' monthly contributions from 17 to 32. The new banks will enable direct payment of nearly ₹12,000 crore in annual collections. Mandaviya said EPFO settled a record of over 6 crore claims in 2024-25, 35% more than the 4.45 crore of 2023-24, and settled 2.34 crore claims through auto-settlement. EPFO has nearly 8 crore active members and more than 78 lakh pensioners.
Key facts
- New banks
- 15, empanelled on 1 April 2025
- Total banks
- 32 (17 earlier)
- Annual collections via new banks
- Nearly ₹12,000 crore
- Claims settled FY 2024-25
- Over 6 crore, up 35%
- Auto-settled claims
- 2.34 crore in FY 2024-25
- Members
- Nearly 8 crore active; over 78 lakh pensioners
Practice MCQs 2 questions
After empanelling 15 more banks on 1 April 2025, how many banks can collect EPFO contributions?
Show answer
Correct answer: B — 32
PIB (Labour): EPFO had already empanelled 17 banks; the 15 newly empanelled banks take the total to 32.
How many claims did EPFO settle in FY 2024-25, according to the Labour Minister?
Show answer
Correct answer: A — Over 6 crore
PIB (Labour): EPFO settled a record of over 6 crore claims in FY 2024-25, a 35% increase over the 4.45 crore settled in 2023-24; 2.34 crore were auto-settled.