Mumbai: In a move that will make provident fund (PF) payments easier for businesses and improve the overall employee experience, IDFC FIRST Bank has launched Provident Fund (PF) payment services through its integration with the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour & Employment, Government of India.
With this integration, employers can now make their monthly EPFO contributions directly through IDFC FIRST Bank’s digital banking channels in a secure, seamless and paperless manner. The facility is expected to simplify statutory compliance, reduce processing time and help companies ensure timely PF deposits for their employees.
The development also marks another step in the government’s ongoing efforts to expand the participation of private sector banks in delivering digital public services. As more private banks join the EPFO platform, businesses will have greater flexibility in choosing their banking partners while benefiting from faster and more efficient statutory payment services.
Commenting on the launch, Ashish Singh, Head – Retail Liabilities, IDFC FIRST Bank, said:
“We understand that timely statutory compliance is a priority for every business, and we believe managing these payments should be simple and stress-free. With our EPFO integration, customers can now make provident fund payments quickly, securely, and with ease through IDFC FIRST Bank’s digital platforms. This is part of our continued effort to simplify banking and offer solutions that save time, reduce effort, and deliver a better experience for our customers.”
EPFO recently entered into agreements with 15 additional Public/Private Sector Banks in the network .The newly empanelled 15 banks will enable direct payment of nearly Rs. 12,000 Crore in annual collections and enable direct access to employers who maintain their accounts with these banks. For enabling employers covered under the Act to pay their monthly contributions, EPFO has already empanelled 17 banks, taking the total to 32. Union
The EPFO today manages one of the world’s largest social security systems, covering nearly 8 crore active members across India. The organisation has witnessed rapid growth in digital adoption over the past few years as more employers and employees shift to online services.
The increasing scale of EPFO operations is reflected in its processing volumes. During FY 2025-26, EPFO processed a record 8.31 crore claims, up sharply from 6.01 crore claims in the previous financial year. It also enabled 70.55 lakh transfer claims to be auto-processed and allowed 1.59 crore members to seed their bank accounts digitally without employer intervention, highlighting significant improvements in automation and ease of service.