Confederation of Traders Urges Withdrawal from Paytm

The Confederation of All India Traders (CAIT) has advised traders to switch from Paytm to other payment apps due to recent restrictions imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank. The RBI ordered the bank to halt services after February 29 due to alleged irregularities, causing concerns about the security and continuity of financial services. The ban was primarily due to the creation of millions of accounts without proper identification, non-compliance with regulatory rules, and allegations of money laundering. CAIT emphasized the importance of risk mitigation for traders and urged them to explore alternative payment applications that comply with regulatory guidelines. The advisory aims to protect the financial interests of traders and ensure uninterrupted financial transactions, particularly for small traders, vendors, hawkers, and women who use Paytm for payments.