CAIT advises traders to abandon Paytm and move to other payment apps after RBI's extreme action

The Confederation of All India Traders (CAIT) has advised traders to switch from Paytm to other payment applications due to RBI's restrictions on Paytm Payments Bank Ltd (PPBL).

The RBI's restrictions on Paytm include halting most of its business operations, such as accepting further deposits and conducting credit transactions, after February 29.

CAIT warns that restrictions from the RBI may cause financial disruption for small traders, vendors, hawkers, and women who rely on Paytm for financial transactions.

CAIT Secretary General Praveen Khandelwal urges traders to act promptly and consider other payment apps or direct UPI transactions to ensure uninterrupted and secure financial transactions.

The association also recommends using payment applications offered by individual banks to mitigate any potential adverse effects on financial operations.