From February 23, the Employees Provident Fund Organisation (EPFO) will not accept claims related to bank accounts that are held in Paytm Payments Bank, according to a circular dated February 8, 2024. the move comes after the RBI on January 31, 2024, that prohibited deposits, credit transactions etc., in Paytm’s customer accounts after February 29, 2024.
In November 2023, the EPFO instructed its banking section to allow EPF payments to be made into Paytm Payment Bank and the Airtel Payments Bank. The EPFO has a corpus of over Rs 18,00,000 crore and covers nearly 30 crore workers.
How can customers with Paytm Payment Bank update their bank details?
If you are holding a Paytm Payment Bank that is connected to your EPFO account, we list steps to update bank account details. Note that you have to update this before February 23.
- Log on to the EPFO website with your username and password.
- On the homepage, click on Manage.
- Select KYC from the drop-down box.
- Select document type as Bank.
- Add your bank account number and enter the IFSC code and click on save.
- Under the KYC pending for approval tab, you can see the details.
- Next, submit the document proof to the employer.
- Once the employer verifies, you can see the status under digitally approved KYC section. An acknowledgment will be sent as SMS to registered mobile number.
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