“EPFO Stops Paytm Payments Bank: What It Means for Customers?”

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The Employees Provident Fund Organisation (EPFO) has recently taken action against Paytm Payments Bank, impacting millions of customers who have accounts with the subsidiary. This move by EPFO comes amidst heightened scrutiny faced by the Paytm subsidiary, with the Reserve Bank of India (RBI) instructing it to halt new deposits after February 29.

EPFO Bans Paytm Payments Bank: Impact on Customers and Clarifications from RBI
EPFO Bans Paytm Payments Bank: Impact on Customers and Clarifications from RBI

The Employees Provident Fund Organisation (EPFO) has recently taken action against Paytm Payments Bank, impacting millions of customers who have accounts with the subsidiary. This move by EPFO comes amidst heightened scrutiny faced by the Paytm subsidiary, with the Reserve Bank of India (RBI) instructing it to halt new deposits after February 29.

With nearly 30 crore officers covered under its umbrella, the EPFO has instructed officers to refrain from accepting claims linked to bank accounts within the Paytm subsidiary. This restriction is poised to affect the timely withdrawals and credit transactions for subscribers utilizing Paytm Payments Bank services. Notably, this action comes approximately a year after EPFO initially permitted payments through both Paytm Payments Bank and Airtel Payments Bank.

EPFO subscribers who have accounts with Paytm Payments Bank will need to update their bank account details to ensure access to their EPFO corpus.

Responding to concerns regarding the overall stability of the financial system, RBI Governor Shaktikanta Das assured that there is no immediate cause for alarm. He emphasized that the action taken pertains specifically to a regulated entity and does not reflect broader concerns about the banking system.

The RBI reiterated that its action against Paytm Payments Bank is a supervisory measure aimed at addressing persistent non-compliance. Such actions, the RBI clarified, are typically preceded by extensive engagement with the concerned institution, providing ample opportunity for corrective measures to be taken.

Deputy Governor of the RBI, Swaminathan J, clarified that the regulatory action targets Paytm Payments Bank specifically and does not extend to the broader Paytm application. He emphasized that the Paytm app remains unaffected by the regulatory measures taken against the bank.

The clarification provided by the RBI seeks to assuage concerns among Paytm users, particularly those who may have accounts with Paytm Payments Bank. However, it underscores the importance of compliance and adherence to regulatory standards within the banking sector.

As the situation unfolds, EPFO subscribers are advised to stay updated on any further developments and take necessary steps to ensure seamless access to their funds.

Sources By Agencies

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4 thoughts on ““EPFO Stops Paytm Payments Bank: What It Means for Customers?”

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