Another big update is coming regarding Paytm Payments Bank. Withdrawal from Paytm Payments Bank through EPFO from this month. Employees Provident Fund Organization or EPFO has issued a circular in this regard. This rule will come into effect from February 23. As a result, customers who have payment bank links with EPFO are going to face problems.
The Employees Provident Fund Organization or EPFO has issued a circular in this regard on February 8. The circular mentions that on 1st November ’23, the Banking Section had issued an order regarding payment settlement of EPF claims to the accounts of Paytm Payments Bank and Airtel Payments Bank. Meanwhile, on January 31, the Reserve Bank or RBI issued a guideline. Where it is said that all transactions from Paytm Payment Bank have been stopped from February 29.
Moneycontrol.com reports that the RBI may revoke the license of Paytm Payments Bank. Meanwhile, the RBI has directed Paytm Payments Bank to close the transaction process and close the business. RBI has given Paytm Payments Bank till March 15. Only then can the RBI decide to cancel the license. If this news is true then the danger of Paytm will increase a lot.
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Incidentally, there are several allegations of irregularities against Paytm Payments Bank. RBI has already ordered to stop all banking services of Paytm. No money can be credited or debited to a customer’s account, wallet or FASTag after 29th February. RBI accused Paytm of ‘persistent violation of norms’.
The biggest complaint is that Paytm is opening accounts without any proof. Multiple bank accounts opened with one PAN number. There are also allegations of crores of rupees transactions from these accounts. The ED may soon probe the RBI as it feels that these accounts may be involved in financial corruption.
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Meanwhile, as soon as all these news about Paytm came forward, the shares of Paytm started falling. Today, Paytm’s share price fell below 9 percent. Paytm’s share price fell 9.31 percent to Rs 450 on the BSE stock. It is believed that this share price may decrease further in the future.