India’s state-run social safety fund will halt claims made via Paytm Payments Bank accounts from Feb. 23, because the nation’s central financial institution imposed restrictions on the funds financial institution due to persistent irregularities, a authorities order mentioned.
The Employees’ Provident Fund Organisation (EPFO) has requested its officers to chorus from accepting claims linked with accounts in Paytm Payments Bank, an affiliate of One 97 Communications, in accordance to the order, which was reviewed by Reuters.
The order was issued by the EPFO on Thursday, which comes below India’s Ministry of Labour and Employment.
The transfer comes after the Reserve Bank of India, final week, directed Paytm Payments Bank to cease accepting new deposits in its accounts or digital wallets from March, citing supervisory considerations and non-compliance with guidelines.
The EPFO — which has a corpus of over 18 trillion rupees ($216.89 billion) masking practically 300 million staff — had allowed Paytm Payments Bank to settle claims in November 2023.
The state-run social safety fund additionally abroad staff’ pension funds.
© Thomson Reuters 2024
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)
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