EPFO Restricts Paytm Payments Bank Transactions: Account holders linked to Paytm Payments Bank will no longer be able to transact for deposit or credit in EPF accounts through this.
New Delhi: Paytm Payments Bank is continuously getting into trouble. First, RBI took action against Paytm Bank and decided to ban it (RBI Banned Paytm Payments Bank). After this, now the retirement fund regulator Employees’ Provident Fund Organization (EPFO) has also taken a big step regarding fintech companies. EPFO has also issued a circular regarding this on February 8, 2024.
Will not be able to deposit or credit in EPF accounts
Employees Provident Fund Organization i.e. EPFO has decided to stop transactions in the EPF account linked to Paytm Payments Bank account. This means that account holders linked to Paytm Payments Bank will no longer be able to transact for deposit or credit in EPF accounts through it.
EPFO in its circular has ordered all field offices to stop making claim settlements in EPF accounts linked with Paytm Payment Bank accounts from 23 February 2024.
What should EPFO subscribers do?
If your EPF account is linked with Paytm Payments Bank. So update it as soon as possible. If the account holders associated with Paytm Payments Bank do not update the account before the stipulated deadline, then the monthly transactions from their account will be stopped after February.
Ban on EPF claim settlement also
Not only this, if your EPF account is linked to Paytm Payments Bank and you are thinking of doing claim settlement to withdraw money from the EPF account, then now this will not be possible. For this, it is important that you link a new bank account to the EPF account as soon as possible.