Paytm EPFO Restricts Credit Deposit Epf Account

The problems of Paytm Payments Bank are continuously increasing. Last month, on January 31, the Reserve Bank of India (RBI) had instructed Paytm Payments Bank to stop all banking services from February 29, 2024. Now the Employees Provident Fund Organization (EPFO) has taken a step forward regarding Paytm Payments Bank and has banned account related transactions. A circular has also been issued by EPFO ​​on Thursday regarding this.

Will not be able to do transactions in EPF account

Employees Provident Fund Organization (EPFO) has given instructions to stop transactions of EPF account linked to Paytm Payments Bank account. That means now users will not be able to do deposit or withdrawal transactions in EPF accounts through Paytm Payments Bank account. In the circular issued by EPFO, the organization has ordered all its field offices to refuse to accept claims related to EPF accounts linked with Paytm Payments Bank account from February 23, 2024.

Users whose EPF account is linked with Paytm Payments Bank account can update it immediately. If they do not do this, then on completion of the stipulated time limit, the monthly transactions from their account will stop. Apart from this, if any user's EPF account is linked with Paytm Payments Bank and he is thinking of making a claim to withdraw money from the EPF account, then this will not be possible now. To avoid this problem, EPF members can link a new bank account to the EPF account as soon as possible.