EPFO to restrict claims made via Paytm Payments Bank 

The Employee Provident Fund Organisation (EPFO) has announced that it will block deposits and credits into EPF accounts linked with Paytm Payments Bank following RBI restrictions from February 23.

In a circular dated Febraury 8, the EPFO directed its Field Offices to not accept claims associated with Paytm Payment Bank Limited (PPBL) accounts. It may be noted that the EPFO permitted EPF payments to be made in accounts of Paytm Payment Bank and Airtel Payments Bank last year.

However, the recent RBI curbs on Paytm Payments Bank, issued on January 31, 2024, prohibit any deposit, credit transactions, or top-ups in customer accounts after February 29.

While RBI's directive on halting new deposits into Paytm Payments Bank has raised concerns about disruptions to digital payments, the central bank has said it supports the broader fintech industry and there is nothing to worry about.