EPFO 3.0: Major Provident Fund System Overhaul Coming, Will Operate Like Banks

• EPFO is launching 'EPFO 3.0' to completely revamp its system for faster, more transparent, and easier services.
• The new system will adopt a centralized Core Banking Solution, similar to banks, allowing members to access services from any center.
• It will feature a new portal, backend software, and AI-based language translation technology, including tools like 'Bhashini'.
• The changes aim to handle the growing number of members, including the unorganized sector, and manage a corpus of approximately 28 lakh crore rupees.
• Members will be able to access provident fund information in their own language with one click, eliminating the need to visit offices.

Why It Matters: EPFO 3.0 will centralize services, integrate AI for language support, and modernize infrastructure for all members.