New Delhi: According to a government order, the central bank of India has placed restrictions on the payments bank because of persistent irregularities, so as of February 23, the state-run social security fund, EPFO, will no longer accept claims made through Paytm Payments Bank accounts.
According to the order, which Reuters examined, the Employees’ Provident Fund Organization (EPFO) has instructed its officers to hold off on accepting claims related to accounts in Paytm Payments Bank, a One 97 Communications affiliate.
The EPFO, a division of the Ministry of Labor and Employment, issued the order on Thursday.
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.
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