Companies can soon make statutory provident fund contributions to the Employees’ Provident Fund Organisation via private sector banks. A Labour Ministry notification dated January 4 allows employers to make such payments “through scheduled banks in India, including private sector banks.” At present, contribution can be made only through nationalised banks and payment portal PayGov.
— source thehindu.com
Central govt is controlled by merchents. so they will make these rules. we should not deposit our money in private banks. invest in local co-ops.