J&K Bank inks agreement with Central Board, EPFO to act as provident fund collection bank

In yet another significant milestone for Jammu and Kashmir Bank, the Central Board of Employees’ Provident Fund Organisation (EPFO) has chosen the UT’s premier financial institution as one of the banks for collection of provident fund in the country. The collection rights were acquired after J&K Bank and The Central Board, EFPO – a body corporate created under Section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952-entered into an agreement on August 17, 2020.
The agreement was signed by Vice President Government Business Narjay Gupta on behalf of J&K Bank and Regional Provident Fund Commissioner – I (Jammu) Prasant K who represented The Central Board. As per the agreement, J&K Bank will serve as central bank account for online collection of contributions, dues, damages, remittance, payment or charges payable to the Central Board by an employer, an establishment, a person or any other entity, having bank account with J&K Bank.