The Reserve Bank of India has directed Paytm Payments Bank to stop all basic transactions on various platforms and digital methods from February 29.
Paytm, one of India’s leading digital transaction companies, has been accused of non-compliance with various regulatory norms.
It is said that this directive of the country’s central bank has created uncertainty in digital transactions across India.
Other organizations are taking advantage of such situations. Phonepay and Google Pay are ahead in this field. They have made it possible to use Paytm account free of charge on their platform.
On February 1, Paytm’s chief operating officer Bhavesh Gupta told capital market analysts that around four crore merchants will have to move their accounts to other banks and the process has already begun.
However, many are now questioning the stability of the digital transaction system. Many are also worried about whether Paytm’s rivals will face the same problem. This is because retailers have also now adopted online transaction mode.
