Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel.
On January 31, the Reserve Bank of India directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.
Also Read: Paytm FASTag, Wallet or Salary Credit, RBI FAQ Simplified For Users, Clear All Doubts Here
However, RBI on Friday, in a set of FAQs, said that users can continue to use FASTag to pay tolls 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 an inconvenience.
Also Read: Paytm Payments Bank FAQs: Can You Withdraw Or Deposit Money After March 15? RBI Answers List of Questions
There are several queries about the use of Paytm FASTag by highway users. Existing Paytm FASTags with a balance on March 15, 2024, can still work until the balance is depleted. However, no further transactions or top-ups are possible.
Is Paytm FASTag Closed?
RBI FAQ 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.
32 authorised banks
IHMCL has advised highway users to buy FASTags from 32 authorised banks barring Paytm Payments Bank. Earlier, IHMCL in a letter dated January 19, 2024 had barred Paytm Payments Bank from issuing fresh FASTags. Existing Paytm FASTags with a balance on March 15, 2024, can still be used until the balance is depleted.
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.
Paytm FASTag Login
Login to the FASTag Paytm Portal. In this, one will have to enter the user ID, wallet ID and password.
Paytm Customer Care Number
Customer care numbers of Paytm 0120-4456456, 0120- 4770770
Paytm FASTag Customer Care Number
A user can call at 1800-120-4210 and mention the mobile number against which the tag has been registered along with the Vehicle Registration Number (VRN) or Tag ID.
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.
Paytm Payments Bank Has Around 30 per cent Market Share
A senior NHAI official told PTI that India has over 8 crore FASTag users and Paytm Payments Bank (PPBL) has around 30 per cent market share.
No Restrictions On Withdrawal
Withdrawal or utilisation of balances by Paytm Bank customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards are to be permitted without any restrictions, up to their available balance.
No other banking services, other than those, like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc), BBPOU and UPI facility should be provided by the bank after March 15, 2024.
The direction followed persistent non-compliances and continued material supervisory concerns, the RBI had said in a statement.
IHMCL has said it is encouraging FASTag users to complete the ‘Know Your Customer’ (KYC) process of their latest FASTag as per RBI guidelines.
FASTag is an electronic toll collection system in India operated by the NHAI. It employs Radio Frequency Identification (RFID) technology to allow toll payments directly from the linked bank accounts.
RBI said that the regulatory action is against Paytm Payment Bank Ltd and the Paytm App will not be impacted by it.
In the latest development, RBI on Friday extended deadlines on certain business restrictions regarding PPBL by 15 days till March 15, 2024, as against the February 29 decided earlier. The deadlines have been extended on services like top-ups and fund transfers, while the remaining PPBL services will be shut on February 29 only.
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