Monday, February 12, 2024

EPFO will no longer accept claims made using Paytm Payments Bank

 


The Workers' Fortunate Asset Association (EPFO) has requested that its officials forgo tolerating claims connected with accounts in Paytm Installments Bank, a partner of One 97 Correspondences, as per the request, which was audited by Reuters.

According to a government order, the central bank of India has imposed restrictions on the Paytm Payments Bank as a result of persistent irregularities. As of February 23, the state-run social security fund of India will stop making claims through Paytm Payments Bank accounts.

The Workers' Fortunate Asset Association (EPFO) has requested that its officials cease from tolerating claims connected with accounts in Paytm Installments Bank, a partner of One 97 Correspondences, as per the request, which was evaluated by Reuters.

The EPFO, which is part of India's Ministry of Labor and Employment, issued the order on Thursday.

The move comes after the Save Bank of India, last week, guided Paytm Installments Bank to quit tolerating new stores in its records or computerized wallets from Spring, refering to administrative worries and resistance with rules.

The EPFO, which has a corpus of more than 18 trillion rupees ($216.89 billion) covering almost 300 million laborers, had permitted Paytm Installments Bank to settle claims in November 2023.

The state-run government managed retirement store additionally abroad specialists' annuity reserves.

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