Stay away from Paytm, CAIT's big warning said- soon move to other platforms...

All India Traders Confederation (CAT) has issued a warning to traders across the country regarding the restrictions imposed on Paytm by the Reserve Bank of India (RBI). It said that Paytm users should take immediate measures to protect their money and shift to other payment apps. CAT National President BC Bhartia and National General Secretary Praveen Khandelwal said that a large number of small traders, vendors and hawkers are transacting through Paytm. These people may face problems due to RBI restrictions.

The main reason for the ban on Paytm Payment Bank is the crores of accounts created without proper identification. The KYC (identification of customers) process of these accounts was not completed. Transactions worth crores of rupees were made without identification. This gave rise to the possibility of money laundering. According to reports, accounts of more than a thousand users were linked to one PAN under Paytm Payment Bank.

CAIT warned traders to reduce money risk and said that they should immediately withdraw their money from Paytm. Paytm users have been advised to transact directly through UPI. CAT said that it will oppose all such companies which continuously violate the laws of the country.

Paytm wallet users can continue transactions till February 29. After this, they will be able to use their balance till it runs out. Customers will not be able to add money to their wallets after February 29. More than twenty banks and non-banking institutions provide wallet services.

Similarly, 37 banks like SBI, HDFC, ICICI, IDFC, and Airtel Payments provide Fastag service. Customers can recharge Fastag through mobile banking, internet banking or third-party apps like Google Pay and PhonePe.