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EPFO to Halt Claims Made via Paytm Payments Bank Following RBI Restrictions

EPFO to Halt Claims Made via Paytm Payments Bank Following RBI Restrictions

The EPFO's move comes after the RBI recently directed Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March.

By Reuters | Updated: 9 February 2024 16:17 IST

EPFO to Halt Claims Made via Paytm Payments Bank Following RBI Restrictions

Photo Credit: Reuters

RBI introduced stringent restrictions on Paytm last week

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Highlights

The RBI took action against Paytm Payments Bank last week
EPFO has directed officers to halt claims via Paytm Payments Bank
Paytm Payments Bank was allowed to settle claims in November 2023

India's state-run social security fund will halt claims made via Paytm Payments Bank accounts from Feb. 23, as the country's central bank imposed restrictions on the payments bank due to persistent irregularities, a government order said.

The Employees' Provident Fund Organisation (EPFO) has asked its officers to refrain from accepting claims linked with accounts in Paytm Payments Bank, an associate of One 97 Communications, according to the order, which was reviewed by Reuters.

The order was issued by the EPFO on Thursday, which comes under India's Ministry of Labour and Employment.

The move comes after the Reserve Bank of India, last week, directed Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March, citing supervisory concerns and non-compliance with rules.

The EPFO — which has a corpus of over 18 trillion rupees ($216.89 billion) covering nearly 300 million workers — had allowed Paytm Payments Bank to settle claims in November 2023.

The state-run social security fund also overseas workers' pension funds.

© Thomson Reuters 2024

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