The Employees’ Provident Fund Organisation (EPFO) has introduced major changes to its withdrawal framework under EPFO 3.0, aimed at improving access, speed, and transparency for over seven crore members across India. The revised rules were approved during the 238th meeting of the Central Board of Trustees, chaired by Union Labour and Employment Minister Mansukh Mandaviya.
Under the new norms, members can withdraw up to 100% of their EPF balance, including both employee and employer contributions, subject to conditions. Thirteen earlier withdrawal rules have been consolidated into three broad categories—essential needs, housing needs, and special circumstances. Education withdrawals are now allowed up to 10 times and marriage withdrawals up to five times, with a minimum service period of 13 months for partial withdrawals. In special cases, members are not required to state reasons, though at least 25% of the balance must remain in the account.
The reforms also introduce automatic claim settlement under the Vishwas Scheme, reduced penal damages for delayed payments, and doorstep Digital Life Certificate services for pensioners.
Commenting on the update, Anoop C Nair, Head of HR at Indel Money, said the changes bring faster access, digital efficiency, and long-term retirement safeguards. While concerns remain around unemployment-linked withdrawal limits, the reforms are positioned as a balance between short-term needs and retirement security.
In a recent interaction with Outlook India, Indel Money Executive Director and CEO Umesh Mohanan highlighted the growing importance of gold as a reliable collateral driving India’s next phase of inclusive credit growth. He explained that gold-backed lending is becoming a key financial tool, especially for individuals and small businesses that face challenges in accessing traditional credit systems.
Gold loans are gaining relevance due to their speed, simplicity, and lower dependency on credit history. Mohanan noted that in India, where households hold large quantities of gold, a significant portion remains underutilised. By bringing this idle asset into the formal financial system, lenders can improve liquidity and expand access to credit in both urban and rural markets.
He emphasised that gold loans are particularly beneficial for MSMEs and individuals in smaller towns, where access to formal banking services is limited. The secured nature of gold lending reduces risk for lenders while enabling faster disbursal for borrowers. This makes gold loans an efficient solution during economic uncertainty and tight credit conditions.
As a regulated NBFC, Indel Money is also playing a key role in moving borrowers away from informal lending practices towards a more transparent and customer-first approach.
With gold evolving from a traditional asset into a strategic financial tool, Indel Money stands at the forefront of enabling inclusive and sustainable economic progress.
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In an interview with People Manager, Anoop C. Nair, Head of Human Resources at Indel Money, shared how flexibility in NBFCs must go beyond remote work and become a structured, fair, and governance-driven strategy. He explained that in a regulated gold-loan business, people policies must balance RBI compliance, customer trust, and local cultural realities.
According to Nair, flexibility does not mean relaxed controls. At Indel Money, the core values—ethics, compliance, and customer dignity—remain uniform across India, while the implementation adapts to regional needs. The company follows a “standardise the why and what, localise the how” approach, supported by regional councils and policy audits to maintain accountability.
He highlighted micro-flexibility practices such as rotating Saturdays off, role swaps within clusters, work-from-home options for eligible roles, Recharge Leave, and Family Leave. These initiatives are designed to improve retention in a branch-led NBFC environment.
Nair also emphasised that AI should handle routine administrative tasks, allowing managers to focus on mentoring and customer trust. He stressed that employee feedback is treated as a direct decision-making input, ensuring inclusive policy updates across geographies.
The interview outlines how flexible, measurable, and skills-driven HR practices are strengthening engagement, compliance, and long-term workforce resilience at Indel Money.
