Let us tell you that earlier RBI had given clear instructions that no other banking services, like fund transfer, BBPOU and UPI service should be provided by the bank after February 29. But now this limit has been extended till March 15, 2024. RBI has directed Payments Bank to settle all pipeline transactions and nodal accounts by March 15.

After this, it has been asked to stop any other transactions from March 16, 2024. After RBI’s action on Paytm Bank, users are feeling that first after 29th February and now after 15th March, all the services of Paytm will be stopped, but let us make it clear to you that there will be no impact on Paytm UPI after 15th March. If you have merged your Paytm UPI with the bank, then you can make payment through it.

The post Paytm Payment Bank: RBI gives relief to Paytm Payment Bank till March 15, these services will be available even after this 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.

I along with every member of the Paytm team salute you for your tireless support. There is a solution to every challenge and we are sincerely committed to serve our nation in full compliance.

Expressing confidence in India’s continued progress in the digital finance sector, he said, ‘India will continue to receive global praise in payments innovation and inclusion in financial services – PaytmKaro will be its biggest champion.’ Let us tell you that RBI has issued a notice on January 31, stopping Paytm Payments Bank from providing banking services after February 29.

Agreement will be made with some other bank

The central bank cited compliance issues but did not disclose the reason for taking strict punitive action against Paytm. At the same time, the company has assured the users that all the services related to Paytm Payments Bank will be provided by some other bank. Thus, he has said that Paytm services will not be disrupted from March 1.

Paytm said, ‘From now on, will work only with other banks, not with Paytm Payments Bank. We are overwhelmed with the support we have received from the big banks of the country.

The post RBI Action : Users should not worry! Paytm will continue to operate as before even after 29th February, read- latest update first appeared on Rightsofemployees.com.