Paytm Crisis: After RBI, EPFO has taken steps and banned credit and claim settlement in Paytm Payment Bank. EPFO said that deposit and credit transactions of EPF accounts in payment bank accounts were stopped.
Paytm Payment Bank Crisis: After the strict action taken by RBI against Paytm Payments Bank, the troubles of the Payments Bank are not showing any sign of abating. After the action of Reserve Bank, Paytm Payments Bank (PPB) also got a blow from EPFO.
Amidst the sinking ship of Payments Bank, Paytm CEO Vijay Shekhar Sharma is trying to save at least the base of Paytm users. For this, an attempt is being made by Paytm to switch to a third party. Paytm management has also had a meeting with NPCI regarding this.
Claim settlement put on hold
According to the update a day ago, EPFO has banned crediting and claim settlement in Paytm Payment Bank. On behalf of the Employees Provident Fund Organization (EPFO), it was said that deposit and credit transactions of customers’ EPF accounts in Paytm Payment Bank account will be stopped. After this news, people who have linked their EPF account with Paytm Payment Bank account are quite worried. Now it is important that you update your second bank account in EPFO as soon as possible.
No need to worry about changing account
Since the EPF account is linked to the bank account, you can easily withdraw your PF / EPF online through UAN. Now but if you want to change EPF account then there is no need to worry. If you also want to change your account number and its related information, then first of all you will have to login to the EPFO member portal. Let us know the complete process step by step-
Complete process of changing bank account
1.) First of all go to EPFO member portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
2.) Enter your log-in ID and password on the home page.
3.) After reaching here, click on the Manage option.
4.) Now select ‘KYC’ option in the drop-down here.
5.) After selecting the document here, enter ‘Bank’.
6.) Enter the bank account number and its IFSC code.
7.) After this click on the save option given below.
8.) After saving the new banking details, KYC will show pending for approval.
9.) Now submit the document proof to your employer. When the documents submitted by your employer are verified, the pending KYC approval will be converted to ‘Digitally Approved KYC’.
10.) Once the employer approves your submitted documents, you will also receive a text message from EPFO for digital approval of KYC.
In this way you can also change the bank account from Asan in your EPF account. After making changes in it, you can easily withdraw money if needed. This change is necessary for such EPF members whose EPF was linked to Paytm Payments Bank.