Provident Fund Body Restricts Paytm Payments Bank Transactions From Feb 23

The Employees Provident Fund Organisation (EPFO) will not accept claims made via Paytm Payments Bank accounts from February 23.

The move comes after the Reserve Bank of India (RBI), last week, imposed restrictions on the payment bank due to persistent irregularities.

The RBI directed Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March.

Citing the government order, a report by news agency Reuters stated that EPFO has asked its officers to refrain from accepting claims linked with accounts in Paytm Payments Bank.

The government order stated, “All the field offices are advised to refrain from accepting claims associated with bank accounts in Paytm Payments Bank Limited...A video publicity should be initiated to raise awareness about this change.”

Back in November last year, the EPFO had allowed Paytm Payments Bank to settle claims. Notably, the EPFO has a corpus of over 18 trillion rupees ($216.89 billion), covering nearly 300 million workers.

In a bid to avoid any disruption in their Employees' Provident Fund (EPF) corpus, all subscribers must update their bank account details.

Let's take a look at how you can update your bank account details:

Step 1: Open the EPFO's member portal on any browser and log in with your username and password.

Step 2: Once logged in, click on the Manage option in the top menu bar on the home page.

Step 3: A drop-down menu will open, where you need to choose the KYC option.

Step 4: Now, select the document type as “bank.”

Step 5: You need to fill in your accurate bank account number and IFSC code and click on the save button.

Step 6: Once you have clicked on save, all the details will appear under the “KYC pending for approval” tab. Now, you have to submit the proof of the document to your employer.

Step 7: After the employer's verification, you can see the status under “Digitally Approved KYC” and your registered number will receive a confirmation SMS.