Central Bank will issue FAQ in this regard

Shaktikanta Das said that there is no plan to review the decision taken against Paytm Payment Bank. While talking to the media, he said that I want to make it clear that this decision has been taken in the interest of the customers.

In a few days, the Central Bank will issue FAQs (Frequently Asked Questions) in this regard. You all will have to wait for that. We have taken the decision after discussing this for months. Sometimes RBI talks for years before taking such decisions.

RBI’s priority is the interests of customers.

RBI Governor Das said that our attitude towards fintech is clear. We want their number to increase in the country. The sector should also progress. Fintech will always get support from RBI. But the interests of customers and the financial stability of these companies will remain our priority.

On January 31, RBI had banned Paytm Payments Bank from taking deposits and top up. This decision will come into effect from February 29. Due to this tough decision, the bank will have to close its operations after February 29.

Director Manju Aggarwal resigns from the board

One 97 Communications said in its regulatory filing that Manju Aggarwal had resigned on February 1. This has been approved by the board of Paytm Payments Bank on 6 February. The company said that this decision will not affect their business. Manju Aggarwal’s resignation comes at a time when Paytm Payments is facing RBI ban.

The post Paytm Crisis: The decision against Paytm Payments Bank will not be changed, Governor Shaktikanta Das’s strict stance remains. first appeared on Rightsofemployees.com.

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.

The post Bank Account: If you want to change the bank account given in EPFO, how to do it? See the complete process here first appeared on Rightsofemployees.com.