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In a circular dated November 1, 2023, the Employees Provident Fund Organization (EPFO) announced that the Reserve Bank of India had added two payment banks, Paytm Payments Bank Limited and Airtel Payments Bank Limited, to the second schedule of the Reserve Bank of India Act, 1934. The circular emphasises that the provisions of Para 72(e) of the EPF Scheme allows for the payment of EPF benefits through the scheduled commercial payment banks. Now, after the inclusion of the abovementioned banks in the scheduled lists, the subscribers can receive the payments through a broader range of payment bank options as the ZOs/ROs are advised through the circular to settle the payments through these banks as well along with other commercial payment banks mentioned in the scheduled list.
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