• Source:REUTERS
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EPFO Decision On Paytm Payment Bank:  EPFO, India's social security fund, EPFO, will stop claims through Paytm Payments Bank accounts from February 23 as the Reserve Bank Of India imposed restrictions on the payments bank due to persistent irregularities, a government order said.

According to an order reviewed by Reuters, the Employees' Provident Fund Organization (EPFO) has asked its officials to stop receiving claims linked to accounts with 97 communications assistant Paytm Payments Bank.

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EPFO, which comes under the Ministry of Labor and Employment, issued the order on Thursday.

The move comes a week after the Reserve Bank of India asked Paytm Payments Bank to stop accepting new deposits into its accounts or digital wallets after February 29, citing regulatory concerns and non-compliance.

The EPFO has a corpus of Rs 18 trillion ($216.89 billion), which covers nearly 300 million employees — allowed Paytm Payments Bank to settle the claims in November 2023.

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