EPFO limits transactions in EPF accounts linked to Paytm Payments Bank India Business News
epfo Paytm limits Exchange Linked to EPF accounts: reserve Bank of India ,reserve Bank of India) instructed Paytm Payments Bank stop all banking servicesEffective February 29, including deposit acceptance and payment processing January 31. As a result, in response to this directive, the Employees’ Provident Fund Organization (EPFO) has imposed limits on deposit and credit transactions for EPF subscribers. accounting book Paytm Payments linked to bank accounts.
According to a circular dated February 8, EPFO has directed its field offices to stop accepting claims linked to bank accounts. Paytm Payment Bank Limited Starting from 23rd February.
Interestingly, only last year EPFO had authorized its banking section to facilitate EPF payments into accounts held with it Paytm Payment Bank And Airtel Payments Bank.
Read this also Worried about Paytm UPI and FASTag migration? RBI to meet NPCI, NHAI officials to protect Paytm customers
The RBI circular regarding Paytm Payments Bank said:
After February 29, 2024, customers cannot make any further deposits, credit transactions or top-ups to their accounts, prepaid devices, wallets, FASTags, NCMC cards, etc., except interest, cashback or refunds that can be credited. Is. anytime.
Customers are allowed to withdraw or utilize the balance in their accounts including savings bank accounts, current accounts, prepaid instruments, Fastag, National Common Mobility Card etc. up to the amount available in their account without any restrictions.
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After February 29, 2024, the bank should not provide any banking services other than the services mentioned in the previous point, such as fund transfer (including AEPS, IMPS etc.), BBPOU and UPI facility.
All pending transactions and nodal accounts relating to transactions initiated on or before February 29, 2024, should be settled by March 15, 2024. After this date, no further transactions will be allowed.
Why did RBI take this action?
“The comprehensive system audit report and subsequent compliance verification report of the external auditors revealed persistent non-compliance and continuing material supervisory concerns in the bank, necessitating further supervisory action,” the RBI press release said.
According to a circular dated February 8, EPFO has directed its field offices to stop accepting claims linked to bank accounts. Paytm Payment Bank Limited Starting from 23rd February.
Interestingly, only last year EPFO had authorized its banking section to facilitate EPF payments into accounts held with it Paytm Payment Bank And Airtel Payments Bank.
Read this also Worried about Paytm UPI and FASTag migration? RBI to meet NPCI, NHAI officials to protect Paytm customers
The RBI circular regarding Paytm Payments Bank said:
After February 29, 2024, customers cannot make any further deposits, credit transactions or top-ups to their accounts, prepaid devices, wallets, FASTags, NCMC cards, etc., except interest, cashback or refunds that can be credited. Is. anytime.
Customers are allowed to withdraw or utilize the balance in their accounts including savings bank accounts, current accounts, prepaid instruments, Fastag, National Common Mobility Card etc. up to the amount available in their account without any restrictions.
Read this also Provident Fund Interest Rate FY24: EPFO may propose 8% rate for FY 2024
After February 29, 2024, the bank should not provide any banking services other than the services mentioned in the previous point, such as fund transfer (including AEPS, IMPS etc.), BBPOU and UPI facility.
All pending transactions and nodal accounts relating to transactions initiated on or before February 29, 2024, should be settled by March 15, 2024. After this date, no further transactions will be allowed.
Why did RBI take this action?
“The comprehensive system audit report and subsequent compliance verification report of the external auditors revealed persistent non-compliance and continuing material supervisory concerns in the bank, necessitating further supervisory action,” the RBI press release said.
