The Reserve Bank of India’s action against online recharge and bill payment service PayTM has created uncertainty among small businesses and traders who rely on the service for their daily transactions. The RBI has barred Paytm Payments Bank (PPBL), which has over 30 crore wallets and three crore bank accounts, from offering all forms of banking services citing “persistent non-compliances’‘.
“I will use PhonePe and GooglePay after that and make sure all the money from Paytm is transferred to my personal bank account,” said K. Venkateshwar owner of Tirumala General and Kirana store in Ramanthapur. He had his Paytm linked with his personal bank account and plans to discontinue Paytm services a few days before the deadline.
