In a major reform aimed at improving ease of access and flexibility for over seven crore subscribers, the Employees’ Provident Fund Organisation (EPFO) board on Monday approved liberalised partial withdrawal rules, allowing members to withdraw up to 100 per cent of their EPF balance.The Central Board of Trustees (CBT), headed by Labour Minister Mansukh Mandaviya, announced a series of key decisions during its meeting, including simplification of withdrawal provisions, introduction of the Vishwas Scheme to reduce litigation, and a digital transformation plan under EPFO 3.0, PTI reported.According to a Labour Ministry statement, 13 complex provisions for partial withdrawals have been merged into a single, streamlined framework categorised under three heads — Essential Needs (illness, education, marriage), Housing Needs, and Special Circumstances.Members will now be able to withdraw up to 100 per cent of their eligible provident fund balance, including both employee and employer contributions. Withdrawal limits for education and marriage have been liberalised, allowing up to 10 times for education and 5 times for marriage, compared to the earlier combined cap of three partial withdrawals.To enhance accessibility, the minimum service requirement for all types of withdrawals has been uniformly reduced to 12 months. Under the Special Circumstances category, members will no longer be required to specify reasons for withdrawal, removing a major cause of claim rejections and grievances.In a key safeguard, 25 per cent of the member’s account contributions will now be earmarked as a minimum balance to ensure continued accumulation of retirement savings. This will allow members to benefit from EPFO’s high interest rate of 8.25% per annum and compound returns for long-term corpus building.The rationalised withdrawal rules are expected to pave the way for 100 per cent auto-settlement of claims without any documentation, ensuring ease of living for subscribers. Additionally, the period for premature final settlement of EPF has been increased from two months to 12 months, while final pension withdrawal will now be allowed after 36 months instead of two.The CBT also approved the Vishwas Scheme to address long-pending litigations arising from penal damages on delayed PF remittances. As of May 2025, penal damages worth Rs 2,406 crore were outstanding, with over 6,000 cases pending across various forums, including the Supreme Court and High Courts.Under the new scheme, penal damages will be reduced to a flat rate of 1 per cent per month, with graded rates of 0.25 per cent for defaults up to two months and 0.50 per cent for defaults up to four months. The scheme will remain operational for six months, extendable by another six months, and covers ongoing, finalised, and pre-adjudication cases under Section 14B. All pending cases will stand abated upon compliance under the scheme.To improve pensioner convenience, the Board approved an MoU with India Post Payments Bank (IPPB) to provide doorstep Digital Life Certificate (DLC) services to EPS’95 pensioners at no cost. The Rs 50 per certificate charge will be fully borne by EPFO. This initiative will especially benefit pensioners in remote and rural areas, enabling home-based certificate submission and ensuring uninterrupted pension disbursal.As part of EPFO 3.0, the board approved a comprehensive member-centric digital transformation framework. The new hybrid design will integrate core banking solutions with cloud-native, API-first, microservices-based systems covering account management, ERP, compliance, and customer experience.This transformation aims to enable faster, automated claim settlements, instant withdrawals, multilingual self-service, and seamless payroll-linked contributions — reinforcing EPFO’s commitment to transparency, efficiency, and technology-driven governance.Additionally, the Central Board approved the appointment of four fund managers to handle EPFO’s debt portfolio for five years. The selected firms are SBI Funds Management Limited, HDFC AMC Limited, Aditya Birla Sun Life AMC Limited, and UTI AMC Limited. The move, recommended by the Selection and Investment Committees, is expected to strengthen risk diversification and ensure prudent management of provident fund investments in line with long-term objectives.Labour Minister Mandaviya also inaugurated a series of digital initiatives aimed at enhancing transparency, efficiency, and user experience in service delivery, reinforcing EPFO’s goal of ensuring ease of living for members and pensioners alike

IRCTC Diwali Alert: Diwali is around the corner, the IRCTC (Indian Railway Catering and Tourism Corporation) has issued an important alert for passengers who is about to travel during the festive season. The warning says some people are using fake or personal user IDs to book train tickets, which is completely illegal.

IRCTC has advised travelers to stay alert and avoid dealing with such fake agents. IRCTC has also advised that the passengers should always book tickets through the official IRCTC website or authorized agents to ensure safe and genuine bookings.

IRCTC Ticket: How To Know Ticket Is Genuine Or Fake

Booking train tickets through IRCTC is simple, but ticket scams are quite common. To check if your ticket is real, always verify the PNR status on the official IRCTC website or app. Genuine tickets show confirmed details immediately. Look for the IRCTC logo, watermark, and booking ID. Fake tickets often have unclear printing or incorrect information. Avoid booking through unknown agents. You can also check details through 139 SMS or the RailYatri app and report suspicious tickets to the IRCTC helpline.

How To Identify Train Ticket Booked Via An Authorized Agent

IRCTC has also shared some simple ways to help passengers identify whether their ticket has been booked through an authorized agent. If the ticket is booked by an authorized agent, the first page will clearly display the agent’s name, address, and unique agency code. This information is easy to spot on the ticket. However, if the top of the ticket mentions “Normal User,” it means the booking was made using a personal user ID and not through an authorized IRCTC agent. (Also Read: Google Map’s Desi Alternative Mappls Impresses IT Minister Ashwini Vaishnaw; Check How To Use, 3D Views, Data Privacy, And More)

IRCTC Booking Time Rules

Authorized agents have specific time limits set by IRCTC for booking train tickets. They are not permitted to book Tatkal tickets during the first 30 minutes after the booking window opens or Advance Reservation (ARP) tickets during the first 10 minutes. These restrictions are in place to ensure fair access for all passengers. If someone offers you a ticket booked within these restricted periods and claims to be an authorized IRCTC agent, it’s a clear warning sign. Always verify the booking source to avoid fake or illegal transactions and ensure a safe travel experience.

How To Book Train Tickets Safely

Use Official Sources: Always book tickets through the official IRCTC website or mobile app to avoid fraud.

Check Agent Authorization: If booking through an agent, make sure they are authorized by IRCTC.

Verify Ticket Details: Look for the IRCTC logo, watermark, and correct booking ID on your ticket.

Avoid Unofficial Platforms: Do not share personal or payment details on unknown websites or social media links.

Report Suspicious Activity: If you suspect a fake booking, contact the IRCTC helpline or report it via the official website. 

Lloyds Banking Group is setting aside an additional £800m for car finance compensation claims, bringing the total amount allocated by the bank for redress to nearly £2bn.

The company said that the number of eligible claims is expected to be higher than previously thought.

Millions of drivers who bought cars on finance with hidden commission payments between 2007 and 2024 may be eligible for redress.

The Financial Conduct Authority (FCA) published details of its proposed compensation scheme last week.

The FCA said payouts could be due on around 14 million unfair deals, averaging at about £700 each.

This could result in lenders paying out a total of £8.2bn in compensation.

The payouts are over commission arrangements between lenders and dealers, unfair contracts, and inaccurate information given to car buyers.

Lloyds said in a statement: “Based on the FCA proposals in their current form, the potential impact is at the adverse end of the range of previous expected outcomes.”

It said it was setting aside an additional £800m for redress based on “the increased likelihood of a higher number of historical cases… being eligible for redress”.

It said its “best estimate” of the total cost of redress was £1.95bn.

The proposed scheme would be free to access for consumers, although the interest they receive on redress will be much lower than that paid following the payment protection insurance (PPI) scandal.

That scandal cost Lloyds £22bn.

The FCA estimates that 44% of all motor finance agreements made since 2007 will be eligible for payouts.

But a ruling at the Supreme Court in August limited the breadth of these cases.

The FCA advises anyone who wants to make a complaint to get in touch with their lender or broker, and has this guidance on how to complain.

But the Finance and Leasing Association, the body that represents the lending industry, has said the FCA is “overcompensating”.

Lloyds said on Monday that it did not think the FCA’s calculations reflect the actual amount that customers lost out.

It believes customers could therefore get more than the full commission back under the FCA’s proposed scheme.

Under the scheme, eligible car owners would be given the average of what it estimates they overpaid – the commission paid, plus interest.

Another lender, Close Brothers, which is deeply exposed to motor finance compensation, said it was also likely to need to set aside more money for payouts.

In a statement on Thursday, it said its “initial assessment” following the FCA’s proposals was that it would need to increase its current provision of £165m.

However, the company pointed out that uncertainty remained over the final compensation requirements, with the current proposals under consultation.

Consumer campaigners have urged lenders not to fight the FCA’s compensation plans, in order to ensure drivers do not have to wait even longer for redress and to bring a swifter conclusion to the saga.

But Russ Mould, investment director for AJ Bell, said Lloyds “gives the impression it is not happy with the proposed compensation methodology, implying this is not a done and dusted situation”.