India’s state-run social safety fund will halt claims made by way of Paytm Funds Financial institution accounts from Feb. 23, because the nation’s central financial institution imposed restrictions on the funds financial institution on account of persistent irregularities, a authorities order mentioned.
The Workers’ Provident Fund Organisation (EPFO) has requested its officers to chorus from accepting claims linked with accounts in Paytm Funds Financial institution, an affiliate of One 97 Communications, based on 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 Financial institution of India, final week, directed Paytm Funds Financial institution 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 almost 300 million staff — had allowed Paytm Funds Financial institution 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 workers and is auto-generated from a syndicated feed.)
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