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EPFO restricts deposits and credit transactions in Paytm Payments Bank Account

The Employees’ Provident Fund Organisation, earlier, vide circular no. BKG/1/2021-BKG/C-32521/181, dated 1stNovember, 2023, had qualified payment banks, namely, Paytm Payments Bank Ltd. and Airtel Payments Bank Ltd., to settle the EPF payments. This was consequent to the inclusion of said banks in the second schedule to the Reserve Bank of India Act, 1934.

Now, the Employees’ Provident Fund Organisation, vide circular no. BKG/1/2021-BKG/C-32521/263, dated 8thFebruary, 2024, has restricted the deposits and credit transactions through Paytm Payments Bank Ltd. All the field offices are advised to refrain from accepting claims associated with bank accounts of Paytm Payments Bank Ltd., with effect from 23rd February, 2024. 

This decision of the EPFO is in light of the press release dated 31st January, 2024, of RBI regarding action taken against Paytm Payments Bank Ltd. under section 35A of the Banking Regulation Act, 1949.

Please refer to the below notification for more details:

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