Payment of EPF benefits to subscriber’s payment bank account: EPFO

Payment of EPF benefits to subscriber’s payment bank account – Inclusion of Airtel Payments Bank Ltd and Paytm Payments Bank Ltd for settlement of payment of EPF beneficiaries: EPFO Order dated 01.11.2023

Web Circular

कर्मचारी भविषय निधि संगठन
EMPLOYEES PROVIDENT FUND ORGANISATION
श्रम एवं रोजगार मंत्रालय, भारत सरकार
MINISTRY OF LABOUR & EMPLOYMENT. GOVERNMENT OF INDIA
मुख्‍य कार्यालय / Head Office
भविष्‍य निधि भवन, 14, भीकाएजी कामा प्‍लेस, नई दिल्‍ली-110066
Bhavishva Nidhi Bhawan, 14, Bhikaiji Cama Place, New Delhi- 110066
Website: www.epfindia.gov.in, www.epfindia.nic.in

File No: BKG/1/2021-BKG/C-32521/181

Date: 01.11.2023

All ACC/ACC (HQ)(Zone)
RPFC/OIC of ROs

Sub: Payment of EPF benefits to subscriber’s payment bank account-Reg.
Ref: BKG/1/2021-BKG/C-32521/1/16433/2021 dated 06.05.2021

Sir/Madam,

Vide above referred circular dated 06.05.2021, directions had been issued to settle EPF payments in Fino Payment Bank and India Post Payment Bank.

2. RBI has also included two other payment banks namely Paytm Payments Bank Limited and Airtel Payments Bank Limited in the second schedule to the Reserve Bank of India Act,1934.

3. In view of the above, as above two payment banks qualify under provision of Para 72(e) EPF scheme, all ZOs/ROs are advised that payment be settled in the above mentioned scheduled commercial payment banks also.

(This issues with approval of competent authority)

Yours faithfully,

Encl: As above

(Dheeraj Gupta)
Regional P.F. Commissioner-I(Banking)

भारतीय रिजर्व बैंक
RESERVE BANK OF INDIA
www.rbi.org.in

RBI/2021-22/148
DOR.RET.REC.76/12.07.160/2021-22

January 04, 2022

All Banks

Madam/Sir

Inclusion of “Airtel Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934

We advise that “Airtel Payments Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.LIC.No.S2659/16.13.215/2021-22 dated December 02, 2021 and published in the Gazette of India (Part III – Section 4) dated January 01- January 07, 2022.

Yours faithfully

(Sibo Nekhini)
General Manager

भारतीय रिजर्व बैंक
RESERVE BANK OF INDIA
www.rbi.org.in

RBI/2021-22/109
DOR.RET.REC.58/12.07.160/2021-22

October 07, 2021

All Scheduled Commercial Banks

Madam/Sir

Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934

We advise that “Paytm Payments Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide notification DoR.LIC.No.S926/16.03.006/2021-22 dated September 06, 2021 and published in the Gazette of India (Part III – Section 4) dated October 02-October 08, 2021.

Yours faithfully

(Sibo Nekhini)
General Manager

File No: BKG/1/2021-BKG/C-32521/I/16433/2021

Date: 06-05-2021

All ACC/ACC (HQ)(Zone)
RPFC/OIC of ROs

Sub: Payment of EPF benefits to subscribers payment bank account-Reg.
Ref: Bkg.1(4)2010/online remittance/Vol II/pt/ 383 dated 27.02.2019

Sir/Madam,

In reference to above subject, banking section had issued directions vide above referred letter dated 27.02.2019 to not settle amount in payment banks after seeking clarification from RBI.

Now, RBI has included two payment banks namely India Post Payments Bank Limited and Fino Payments Bank Limited in the second schedule to the Reserve Bank of India Act,1934.

In view of the above, as above two payments bank qualify under provision of Para 72(e) EPF scheme, all ZOs/ROs are advised that payment be settled in the above mentioned scheduled commercial payment banks.

(This issues with approval of competent authority)

Yours faithfully,
-sd-
(Neeraj Srivastava)
Regional P.F. Commissioner-I (Banking)

Source: EPFO