Those EPFO subscribers who claim through a Paytm Payment Bank account will be shocked. The Employee Provident Fund Organization (EPFO) has issued a circular to its field offices and has ordered that from February 23, 2024, they should not accept such claims whose bank account is linked with Paytm Payments Bank.
Ban On Settling EPF Claims In Paytm Payments Bank!
EPFO issued a circular to all field offices on February 8, 2024. In this circular, the Banking Section issued an order on November 1, 2023, to settle the payments of EPF claims in Paytm Payments Bank and Airtel Payments Bank accounts. But on January 31, 2024, the Reserve Bank of India banned credit or deposit transactions in the accounts of Paytm Payments Bank customers from February 29, 2024.
In this circular, EPFO has banned all field offices in such a situation from settling EPF claims in the Paytm Payments Bank account from February 23, 2024. EPFO has also asked field offices to run an awareness campaign.
Difficulty Increased Due To Strictness Of RBI
In fact, on January 31, 2024, RBI took significant action against Paytm Payments Bank and banned adding new customers. Paytm is accused of committing irregularities regarding banking regulation. After February 29, 2024, no customer can deposit money or do credit transactions in Paytm Wallet, nor will they be able to top up Paytm Wallet. The balance remaining in the customer’s wallet can be used until it is exhausted. However, in the next week, RBI will issue FAQs to eliminate customer confusion.
