"The EPFO is working towards a three-day settlement period for KYC (Know Your Customer) compliant beneficiaries who have UAN linked to Aadhaar, have a bank account and a registered mobile number," the release quoted him as saying.
Barthwal also proposed to set up a society of self-regulating consultants, similar to ICAI (The Institute of Chartered Accountants of India), in order to curb "misuse and corruption."
"In a significant announcement for industry he proposed to decriminalise defaulters and treat the cases as economic offences," the release said.
The release quoted EPFO officers as saying that the process of claim has evolved from offline filing to digital and app-based platform and the next phase of advancement will be based on big data analytical platform that utilises artificial intelligence and machine learning to trigger all activities.
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