Paytm FASTag News: Can I continue to use it to pay toll? RBI issues FAQs for customers- The RBI, in its frequently asked questions (FAQs), said one can continue to use FASTags to pay the toll up to the available balance. The Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks without Paytm Payments Bank (PPBL) for hassle-free travel. The 32 authorised 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, on Friday, the Reserve Bank of India (RBI), in its frequently asked questions (FAQs), said one can continue to use FASTags to pay the toll up to the available balance.
The RBI also advised customers as well as merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions.
The RBI has issued a list of 30 FAQs, for the convenience of customers of PPBL, and the general public at large.
RBI FAQs on FASTag issued by Paytm Payments Bank
I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024?
Yes. You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience.
I have a FASTag issued by Paytm Payments Bank. Can I recharge the balance after March 15, 2024?
No. 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.
Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank?
Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.
The RBI also said withdrawal or utilisation of balances by Paytm Payments Bank customers from their accounts, including saving bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards will be permitted without any restrictions, up to their available balance even beyond March 15.
IHMCL on FASTag KYC
The IHMCL has said it is encouraging FASTag users to complete the ‘Know Your Customer’ (KYC) process of their latest FASTag as per RBI guidelines.
The banks authorised for issuing FASTags also include Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, Saraswat Bank, Nagpur Nagrik Sahkari Bank, Kotak Mahindra Bank, Karur Vyasya Bank, J&K Bank, IndusInd Bank, Indian Bank, IDFC First Bank, FINO Bank, Equitable Small Finance Bank, Cosmos Bank, City Union Bank Ltd, Central Bank of India, Canara Bank, Bank of Maharashtra, AU Small Finance Bank, and Axis Bank.
What is FASTag?
FASTag is an electronic toll collection system in India operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for allowing toll payments directly from the linked bank accounts.
How to deactivate Paytm Fastag and buy new online
Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank? Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.
How to close Paytm FASTag
Step 1: Login to the Paytm app using the mobile number registered with your FASTag account
Step 2: In the ‘Search Bar’, type ‘FASTag’ and click on ‘Manage FASTag’ under ‘Services’ section
Step 3: You will be redirected to a screen displaying all the active FASTag accounts linked to your Paytm number
Step 4: Scroll to the bottom of the page and tap on the ‘Help & Support’ option
Step 5: You will be redirected to the FASTag Help & Support screen
Step 6: Tap on ‘Need help with non-order related queries?’
Step 7: Select the option ‘Queries related to updating FASTag profile’
Step 8: Select the option ‘I want to close my FASTag’ and follow the steps mentioned there.
Paytm FASTag banned: What does this mean for you, when does this come into effect?
This move directly impacts millions of Paytm FASTag users, who will now need to obtain new Radio Frequency Identification (RFID) stickers, as Paytm FASTags will not be operational after March 15. With India having over 70 million FASTag users, Paytm Payments Bank’s claimed 30 percent market share suggests that more than 15 million users will be impacted by this move. It is better to switch to a different bank for FASTags or you might end up having issues during your time on the toll road after March 15.
Paytm Payments Bank ban deadline extended: What does this mean?
The Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank services to March 15. This basically means that people who are using Paytm Payments Bank service will be able to conduct various transactions, including deposits, credit services, prepaid services, wallets, FASTags, and National Common Mobility Cards until the new deadline. After this, the services won’t be accessible. Hence, people using Paytm Payments Bank are advised to take action and remove their account or deposits if there is any before the new deadline.
How To Transfer Or Close My Paytm Fastag Account?
Is Paytm FASTag Still Working?
Customers are allowed to use the balance from other accounts, including savings bank accounts, current accounts, prepaid products, FASTag and National Common Mobility Card, until the balance is available. RBI has allowed Paytm FASTag users to use their balances but they cannot load these wallets with more money after March 15, 2024.
How To Cancel Paytm FASTag?
You can deactivate Paytm FASTag, however, you cannot reactivate the same FASTag again. Check the steps below;
1. Login to the FASTag Paytm Portal. In this, one will have to enter the user ID, wallet ID and password.
2. Now the FASTag number, registered mobile number and many other details required for verification will have to be entered.
3. Scroll down the page and click on the Help & Support option.
4. Now, ‘Need Help With Non-Order Related Queries?’ Tap On.
5. After this, select the option Queries Related to Updating FASTag Profile.
6. Here, one has to select the option I Want to Close My FASTag and follow the further steps.
Paytm FASTag Transfer
How Do I Transfer Paytm FASTag To Other FASTag?
This direct transfer is not possible. You need to contact a new FASTag issuer (e.g., HDFC, ICICI) to purchase a new tag and transfer your vehicle registration details.
FASTag cannot be transferred to the other party. If you are not going to use the registered vehicle anymore, you need to ensure the FASTag that you used for the vehicle is closed.
Best FASTag Service Provider In India
Users have a long list of choices to buy a FASTag. You can purchase a FASTag from 32 authorised banks.
The 32 authorised 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.
The banks authorised for issuing FASTags also include Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, Saraswat Bank, Nagpur Nagrik Sahkari Bank, Kotak Mahindra Bank, Karur Vyasya Bank, J&K Bank, IndusInd Bank, Indian Bank, IDFC First Bank, FINO Bank, Equitable Small Finance Bank, Cosmos Bank, City Union Bank Ltd, Central Bank of India, Canara Bank, Bank of Maharashtra, AU Small Finance Bank, and Axis Bank.
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