Do not use Paytm Payments Bank, keep distance from this platform, now this advice is given
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Reserve Bank of India has taken a big action on Paytm. After this action on Paytm, the condition of the company has become worse. The company’s problems are continuously increasing. After the action of RBI, there is a continuous decline in the shares. After the action on Paytm, not only the general public but also businessmen are very worried.
In this context, the traders’ organization Confederation of All India Traders (CAT) has given important advice to the traders. Under this, businessmen have been instructed to use other platforms instead of using Paytm. CAT has issued a statement in this regard.
On behalf of CAT, National General Secretary of the organization Praveen Khandelwal has advised that restrictions have been imposed on Paytm recently by the Reserve Bank. After this, traders in the country will have to shift to other platforms for the safety of their money. Praveen Khandelwal said that a large number of small and big traders, vendors, hawkers etc. transact money through Paytm.
After the strictness shown by RBI, merchants and traders using Paytm may have to face many financial problems. To avoid these problems, it is important to use other online platforms well in advance and shift to them.
Banking services are banned
The Reserve Bank has also banned the banking services of Paytm. Recently, Reserve Bank had banned Paytm Payments Bank. An order was also issued in this regard, which will come into effect from February 29. Paytm Bank will no longer be able to add new customers and PPBL. There will be no deposit in wallet or Fastag after the due date. RBI has taken this action against Paytm under Section 35A of the Banking Regulation Act-1949.
Paytm shares fall
Paytm shares fell for the third consecutive session on Monday. The company’s shares fell another 10 percent in early trading. The shares fell 10 per cent to Rs 438.35 on BSE. It fell 9.99 percent to Rs 438.50 on NSE. The Reserve Bank of India (RBI) had last Wednesday directed Paytm Payments Bank Limited not to accept deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag after February 29, 2024. Since then the company’s shares have been continuously falling. The company’s shares have fallen by more than 42 percent in three consecutive sessions. This has caused a loss of Rs 20,471.25 crore to its market valuation.
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