CAT supported restrictions on Paytm, said- customer safety is important. Loktej Business News
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New Delhi, 02 February (HS). Trade organization Confederation of All India Traders (CAIT) has supported the restrictions imposed by the Reserve Bank of India (RBI) on ‘Paytm Payment Bank’, which provides online payment services.
CAT’s National General Secretary Praveen Khandelwal said in a statement issued on Friday that in this matter, it is important for merchants and Paytm customers to be alert and understand the impact of RBI’s restrictions. He said that such monitoring by RBI is necessary keeping in mind the protection of the interests of consumers making digital payments in the country.
Khandelwal said that at present the way big companies in the fintech sector are defying and violating the rules and laws, this order of the Central Bank strengthens the integrity of the market. The restrictions imposed on Paytm by the Reserve Bank are in the interest of merchants and customers.
He said the strict monitoring step by the Reserve Bank emphasizes the need to follow rules and regulations by everyone in the country. This action shows the clarity of Prime Minister Modi’s view that no matter how big the person who disobeys the rules is, he will not be spared.
Khandelwal and Delhi State President Vipin Ahuja said that the Reserve Bank and the government are committed to ensuring accountability in the fintech ecosystem. He said that this order of the Reserve Bank is a warning to all the big companies that they should not play any game with their customers otherwise they should be prepared for strict action. Modi government will not tolerate any joking with the rules and regulations of the country.
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