How To Update EPFO Bank Details Before Feb 23 As EPFO Halts Paytm Payments Bank Transactions?

The Employees' Provident Fund Organisation (EPFO) has directed all its field offices to refrain from accepting claims related to bank accounts held in Paytm Payment Bank following the Reserve Bank of India's (RBI) restriction. This directive will take effect from February 23, 2024, as stated in a circular issued by EPFO on Thursday. Due to this restriction, EPFO subscribers with accounts in Paytm Payment Bank may encounter delays in processing withdrawals and credit transactions.

This decision by EPFO comes in response to the RBI's directive on January 31, which mandated Paytm Payments Bank to cease all banking operations, including deposit acceptance and payment processing, effective February 29, 2024.

During a press conference following the MPC meeting, RBI Deputy Governor Swaminathan J clarified the central bank's recent actions against Paytm Payments Bank. He explained that the crackdown was a result of the bank's persistent failure to comply with regulations despite repeated warnings. The decision to impose restrictions on Paytm Payments Bank's acceptance of new deposits was made after granting the company sufficient time to address its non-compliance issues.

Last year, EPFO instructed its banking section to allow EPF payments to be made into accounts held in Paytm Payment Bank and Airtel Payments Bank. However, the recent directive from the RBI prompted EPFO to impose limitations on deposits and credit transactions for subscribers holding EPF accounts in Paytm Payment Bank.

Subscribers are urged to promptly update their bank account details to ensure uninterrupted access to their Employees' Provident Fund (EPF) corpus.

Here's How You Can Update Your Bank Account Details:

• Visit the EPFO's member portal and log in with your username and password.
• Go to the 'Manage' option located in the top menu bar, then select the 'KYC' option from the drop-down menu.
• Choose the document type as 'bank.'
• Enter the accurate bank account number and IFSC code according to the bank records. Click 'save.'
• After saving, the details will appear under the 'KYC pending for approval' tab. Submit the document proof to your employer.
• Upon verification by the employer, the status will be visible under 'Digitally Approved KYC,' and a confirmation SMS will be sent to the registered mobile number.