The Confederation of All India Traders (CAIT) has advised merchants to shift from Paytm to other platforms for their business-related transactions. This advice has been given by CAT after the restrictions of Reserve Bank of India on Paytm wallet and bank operations. In a statement issued by CAT, it has been said that due to the recent restrictions imposed on Paytm by the Reserve Bank, merchants across the country should use other platforms to protect their money.
CAIT National General Secretary Praveen Khandelwal said that a large number of small traders, vendors, hawkers and women are transacting through Paytm and these people may face financial problems due to RBI restrictions.
Sources say that due to concerns of money laundering and suspicious transactions worth hundreds of crores of rupees between the popular wallet Paytm and its lesser-known banking unit, the Reserve Bank has imposed this curb on the units led by Vijay Sharma. The central bank has asked Paytm Payments Bank Limited (PPBL) to stop most of the activities including taking deposits. PTI language report.