EPFO will no longer accept all claims received from Paytm Payments Bank, read full details
All claims received through the Paytm Payments Bank account will be discontinued as of February 23, per an order from EPFO. EPFO permitted Paytm Payments Bank to resolve the claim in November 2023. On January 31, 2024, the Reserve Bank of India (RBI) was ordered by EPFO to prohibit Paytm Payments Bank.
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Beginning on February 23, the Government Social Security Fund of India will no longer accept any claims made through Paytm Payments Bank accounts. In actuality, the Reserve Bank of India (RBI) issued an order to ban Paytm Payments Bank on January 31, 2024.
RBI has taken this decision due to continuous irregularities in Paytm Payments Bank.
The Employees' Provident Fund Organization (EPFO) has asked its officials to refrain from accepting claims related to accounts in Paytm Payments Bank, an affiliate of One 97 Communications. It was reviewed by Reuters.
EPFO issued this instruction on Thursday. Let us tell you that EPFO comes under the Ministry of Labor and Employment of India.
This directive was released by EPFO on Thursday. Let us inform you that the Indian Ministry of Labour and Employment oversees EPFO.
Citing regulatory non-compliance, the Reserve Bank of India ordered Paytm Payments Bank last week to cease taking new deposits into its digital wallets or accounts as of March 1. EPFO has made this decision in response to this instruction.
With roughly 300 million employees, EPFO has a corpus of more than Rs 18 trillion ($216.89 billion).
EPFO permitted Paytm Payments Bank to resolve the claim in November 2023. For foreign workers, the state-run social security fund doubles as a pension fund.
