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Paypal in charge of revenge against RBI strictness

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Paypal

By- Staff Correspondent | Date- October 28, 2011

After the revelation regarding the latest rip off from Paypal in yesterday’s report published PayPal RIP OFF tracked by Times of Assam, it has come to light that over 2000 accounts of Indian PayPal users have been suddenly made permanently limited, which means all these Indian accounts are permanently frozen and can’t be appealled against this act of PayPal.

The same story applies to all these 2000+ Indian users; – they have been suddenly notified about their accounts getting permanently limited without an exact or strong reasoning except few possibilities thrown at them. It is strange and uncanny that such a high number of Indian user accounts were frozen suddenly with some illogical mail which doesn’t have any explanation why the accounts were permanently limited.

Majority of Paypal are merchants, freelancers or small scale service providers and uses the service solely for their business transactions with foreign clients for convenience. This act by Paypal has generated huge magnitude of dissatisfaction amongst Indian users as the sudden account closures have led to absolute or partial shutdown for their monetary transactions, and moving towards MonyBookers, Xoom, AlertPay etc PayPal alternative.

It is to be mentioned that this recent dictatorship or bias from Paypal is the company’s reply to the strictness shown by the Reserve Bank of India (RBI) against the modus-operandi of Paypal. The Paypal services were always questioned as the Organisation tried to become a virtual or online bank, without following banking norms. As such the RBI had enforced strict rules and regulations which Paypal had followed, but adding their own spices to cook further inconvenience to the Indian users.

The closure of over 2000 Indian user accounts without proper reasoning seems to be Paypal’s stubborn reply to the strict Indian policy implemented by the RBI.

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Paypal in charge of revenge against RBI strictness

By: Times of Assam Bureau Read time: 5 min