Home Business Is Paytm FASTag Closed Or Still Working? Check RBI’s New Directive | Companies News

Is Paytm FASTag Closed Or Still Working? Check RBI’s New Directive | Companies News

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Is Paytm FASTag Closed Or Still Working? Check RBI’s New Directive | Companies News

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New Delhi: Indian Highways Management Company Ltd (IHMCL), the toll-collecting arm of NHAI, has recommended highway users opt for FASTags issued by 32 authorized banks, excluding Paytm Payments Bank (PPBL), for seamless travel. This advice comes in light of recent regulatory directives impacting the operations of PPBL.

RBI’s New Directive

Following the Reserve Bank of India’s directive on January 31, PPBL was instructed to cease accepting deposits or top-ups in customer accounts, including wallets and FASTags, after February 29. (Also Read: BIG Relief To People! RBI Gives 15-Day Relaxation To Paytm)

However, in a recent update, RBI extended certain business restrictions on PPBL until March 15, 2024. This extension pertains to services like top-ups and fund transfers. (Also Read: RBI Gives 15-Day Relaxation To Paytm: Check What You Can Do And What Can’t)

Impact On Paytm FASTag Users

Existing users of Paytm FASTags can continue utilizing their balances until depleted, but no further transactions or top-ups will be permitted after March 15, 2024.

IHMCL emphasizes that Paytm FASTags will no longer be issued, and users are advised to procure FASTags from alternative authorized banks.

Steps To Cancel Paytm FASTag

For users seeking to deactivate their Paytm FASTags, the process involves logging into the Paytm FASTag portal, navigating to the Help & Support section, selecting the option for closing FASTag, and following the provided steps. However, it’s important to note that once deactivated, a Paytm FASTag cannot be reactivated.

Transferring Paytm FASTag

Direct transfer of Paytm FASTags to other parties is not feasible. Instead, users need to approach a new FASTag issuer, such as HDFC or ICICI, to purchase a new tag and transfer vehicle registration details. It’s essential to close the existing FASTag is no longer in use.

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