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Traders' body asks Paytm merchants
New Delhi: The Confederation of All India Traders (CAIT) has issued a cautionary advisory to traders across the country who are Paytm users to switch from Paytm to other payment options.
The Reserve Bank of India (RBI) has imposed certain restrictions, prompting CAIT to recommend that users take proactive measures to protect their funds and ensure uninterrupted financial transactions.
“Large numbers of small traders, vendors, hawkers and women are making payments through Paytm, and RBI restrictions on Paytm could lead to financial disruption to these people,” said CAIT in a press release.
CAIT national president B C Bhartia & secretary general Praveen Khandelwal said the recent restrictions imposed by RBI on Paytm have raised concerns about the security and continuity of financial services provided by the platform.
“CAIT believes that if there is any evidence of fund irregularities, the Enforcement Directorate (ED) should investigate Paytm Payment Bank,” the release said.
Khandelwal underscored the importance of risk mitigation for traders, urging them to explore alternative payment applications that are compliant with regulatory guidelines.
He said that one of the major reasons for the ban on Paytm Payment Bank was the creation of millions of accounts without proper identification.
“The process of Know Your Customer (KYC) was not completed for these accounts. Moreover, transactions involving millions of rupees were conducted without proper identification, raising concerns about money laundering,” he said.
As per reports, the RBI imposed the ban primarily because Paytm Payment Bank had linked over a thousand users to a single PAN (Permanent Account Number). Additionally, both the RBI and auditors found that Paytm Payment Bank was not adhering to regulatory rules.
