Retirement: EPFO To Launch Online PF Withdrawal Facility in 3 Months
Employees Provident Fund Organisation (EPFO) is likely to launch the online withdrawal facility in the next three months for the benefit of its 60 million subscribers. It will enable subscribers to apply online for withdrawal of the provident fund (PF) which will be transferred directly to their bank account. At present, subscribers who wish to settle their account with the EPFO are required to apply manually.
 
For launching the facility, at least 40% of the Unique (portable PF) Account Numbers (UANs) should be seeded with the Aadhaar number and bank account details of the subscribers. To push the online facility for its subscribers, EPFO has become the registrar of Unique Identification Authority of India (UIDAI) for enrolment. It is also an online authentication user agency of UIDAI.

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Banking: Claims in Case of Deceased Bank Depositor

A simplified procedure has been specified for settlement of claims of deceased depositors, according to an RBI circular. To facilitate timely settlement of claims on the death of a depositor, banks are advised to provide claim forms for settlement of claims of the deceased accounts, to any person/s who is/are approaching the bank/branches for forms, says the circular. Claim forms may also be put on the bank’s website prominently so that claimants of the deceased depositor can access and download the forms without having to visit the concerned bank/branch for obtaining such forms for filing claim with the bank.

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Cards: RBI Tightens Norms for Credit Card Billing
RBI has asked banks to levy any late payment penalty on credit card customers, or report them to credit information companies, only if the payment has been due for more than three days. 
 
Banks can treat a credit card as a non-performing asset if the ‘minimum amount due’ has not been paid within 90 days from the due date.
 
To bring greater credit discipline and provide operational flexibility to credit card issuers, RBI said the ‘past due’ status of a credit card account for the purpose of asset classification would be reckoned from the payment due date mentioned in the monthly credit card statement. 

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