NEW DELHI: Following RBI restrictions on Paytm wallet and bank operations, merchants’ association CAIT on Sunday cautioned traders to move from Paytm to other payment options for business-related transactions. Because of the Reserve Bank of India‘s recent restrictions, CAIT advises customers to take preventative action to safeguard their money and guarantee smooth financial transactions. The RBI’s restrictions on Paytm might cause financial upheaval for a large number of small traders, vendors, hawkers, and women because they use the app to make payments, according to the Confederation of All India Traders (CAIT).The Reserve Bank of India has been clamping down on internet poster boy Vijay Shekhar Sharma’s enterprises due to worries about money laundering and dubious transactions involving hundreds of crores of rupees between the well-known wallet Paytm and its less well-known banking arm, according to insiders. Paytm Payments Bank Ltd (PPBL) has been directed by the central bank to cease the majority of its operations, which includes accepting new deposits, executing credit transactions, and topping up any client accounts, prepaid devices, wallets, and cards used to pay for tolls on the road after February 29. This implies that until February 29th, clients can access their existing deposits and use funds from their wallets to pay for services. Additionally, if the RBI does not budge, Paytm wallet top-ups would end and transactions made through it will be unable to complete. Concerns over the security and continuity of the financial services offered by the platform have been raised by the new limits placed on Paytm by the RBI, according to CAIT Secretary General Praveen Khandelwal. He highlighted the importance of acting quickly and making well-informed judgements in order to minimise any potential negative effects on their financial operations.’
