This transfer of EPFO is available in little over per week after the Reserve Financial institution of India (RBI) introduced restrictions on Paytm Funds Financial institution from February 29.
The central financial institution has prohibited any deposit, credit score transactions, or top-ups in buyer accounts of PPBL after February 29.
In a round issued on Thursday, EPFO directed its discipline workplaces to not settle for claims related to PPBL accounts.
“All the sector officers are suggested to chorus from accepting claims related to financial institution accounts in Paytm Fee Financial institution w.e.f February 23, 2024. A large publicity needs to be initiated to boost consciousness about this transformation”, EPFO round stated.
It possibly recalled that EPFO had final yr permitted EPF funds to be made in accounts of Paytm Fee Financial institution and Airtel Funds Financial institution.
- bl unique. Paytm places its pockets biz on the block
RBI resolution
The RBI’s resolution of January 31 to limit PPBL’s operations got here within the wake of non-compliance points regardless of repeated warnings by the central financial institution.
“No additional deposits or credit score transactions or high ups shall be allowed in any buyer accounts, pay as you go devices, wallets, FASTags, NCMC playing cards, and so on. after February 29, 2024, apart from any curiosity, cashbacks, or refunds which can be credited anytime,” RBI had stated.
RBI Governor Shaktikanta Das had put up the latest MPC Coverage assembly stated that central financial institution provides adequate time to each entity to conform and typically greater than adequate time to the entities for compliance. “If they’d comply, why would a regulator like us must take motion?” he requested.
On the identical time, RBI additionally maintained that it isn’t in opposition to the expansion of fintech ecosystem in India.
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