Hyderabad, March 7 -- The Employees' Provident Fund Organisation (EPFO) is set to introduce a new system called 'EPFO 3.0', which will allow subscribers to withdraw their provident fund (PF) directly from ATMs.

Union Labour Minister Mansukh Mandaviya announced this update at an event in Hyderabad, saying that the new system will offer banking-like convenience along with several digital features to make transactions easier.

"In the coming days, the EPFO 3.0 version will come. This means the EPFO will become equivalent to a bank. Like transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN), and you will be able to do all your work," Mandaviya said.

PF withdrawals to become hassle-free with ...