Paytm’s problem There is no sign of slowing down. Now the Employees Provident Fund Organization (EPFO) has taken a big step. EPFO has banned deposit and credit transactions in accounts from Paytm Payment Bank. This was announced in a circular issued on February 8, 2024. Information in this regard has been uploaded on the official website of the pension fund body. In the circular, all field offices have been informed to stop accepting claims linked to bank accounts in Paytm Payment Bank from February 23, 2024. The pension fund body also said that publicity should be launched to raise awareness about this change.
Why did EPFO take this big decision?
According to the information given, in view of the decision by RBI to ban deposit and credit transactions in Paytm Payments Bank customer accounts after February 29, 2024, EPFO has decided to keep Paytm Payments Bank accounts out of its network. . All field offices are advised to avoid accepting claims linked to bank accounts in Paytm Payments Bank from February 23, 2024, the circular said.
What action did RBI take, the Governor told
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that the action against Paytm Bank was due to non-compliance with the rules. RBI Deputy Governor Swaminathan J said the action against financial technology (fintech) has been taken due to persistent non-compliance with rules. After this, it is being speculated that after February 29, the license of Paytm Payments Bank may be canceled forever. After this everyone is keeping distance from Paytm Payments Bank.
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