The Reserve Bank of India (RBI) has directed Paytm Payments Bank to cease operations. In January, the central bank ordered Paytm Payments Bank, a Paytm affiliate, to stop accepting new deposits in its account, or popular wallet, beginning February 29. Now, the deadline has been extended to March 15.
After March 15, no new deposits, credit transactions, or top-ups will be permitted in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, or other similar devices, according to the RBI.
Tolls can be paid with existing Paytm FASTags by using the available balance; however, after March 15, top-ups will not be permitted, under the frequently asked questions (FAQs) released by the RBI, users will be able to close their previous FASTag and request a refund.
"After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience." the FAQs quoted.
What is the process for deactivating a Paytm FASTag?
- If you want to deactivate your FASTag account follow these steps:
- You may close an active Paytm FASTag account using your mobile number and Tag ID.
- Call 1800-120-4210 and provide the mobile number that has been registered with FASTag to get the same.
- A tag ID or the vehicle registration number (VRN) should be included.
- A customer service representative from Paytm will then contact you.
Another method to end your Paytm FASTag
- Click "Help & Support" after tapping on the profile icon in the Paytm app.
- Choose "FASTag" from the "Banking Services & Payments" section, then click "Chat with us."
- To finish the process, ask the executive to deactivate the account.
Meanwhile, the Indian Highways Management Company Ltd (IHMCL), the state-owned NHAI's toll collection arm, has advised highway users to purchase FASTags from 32 authorised banks rather than Paytm Payments Bank (PPBL) for more convenient travel. The 32 authorized banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.
However, the Reserve Bank of India (RBI) stated on Friday in its frequently asked questions (FAQs) that FASTags can still be used to pay the toll up to the available balance.
The RBI also advised Paytm Payments Bank Ltd (PPBL) customers and merchants to transfer their accounts to other banks by March 15, giving the beleaguered entity another 15 days to close most of its operations, including deposits and credit transactions.
Travel hassle-free with FASTag! Buy your FASTag today from authorised banks.@NHAI_Official@MORTHIndia pic.twitter.com/LI7xpMwfr4— FASTagOfficial (@fastagofficial) February 16, 2024
(Inputs from agencies)
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