Paytm FASTag Banned: The Indian Highways Management Company Ltd (IHMCL), which handles toll collection for NHAI, suggests getting FASTags from authorized banks except Paytm Payments Bank for smoother travel.
On January 31, the Reserve Bank of India instructed Paytm Payments Bank (PPBL) to stop accepting deposits or adding money to any accounts, wallets, FASTags, and similar services after February 29.
But recently, RBI clarified that existing FASTag users can still pay tolls until their balance runs out. However, after March 15, 2024, no more money can be added to FASTags issued by Paytm Payments Bank. It’s recommended to get a new FASTag from another bank by March 15 to avoid any inconvenience.
RBI has extended certain restrictions on PPBL services until March 15, 2024, instead of the earlier deadline of February 29. Some services like adding funds and transfers will be halted on February 29, while others will stop on March 15.
There’s been confusion about using Paytm FASTags on highways. Existing ones with a balance as of March 15, 2024, will still work until the balance is used up. But no more transactions or adding money will be possible after that date.
Paytm FASTag Banned
A significant change is coming for Paytm FASTag users, affecting millions across India. From March 15 onward, Paytm FASTags will cease to operate. With over 70 million FASTag users in India, Paytm Payments Bank’s sizable market share suggests that more than 15 million users will be impacted by this transition.
To avoid potential issues on toll roads after March 15, it’s advisable to consider switching to a different bank for your FASTags.
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What is FASTag?
FASTag makes paying tolls easy as pie while you’re driving. It works at more than 750 toll booths all over the country. A small gadget called an RFID tag on your vehicle’s windshield connects straight to your account, making toll payments a breeze on both national and state highways.
Paytm Payments Bank Ban Deadline Extended
The Reserve Bank of India (RBI) has given Paytm Payments Bank users more time, extending the deadline to March 15. This means users can continue using the bank’s services like deposits, credits, prepaid services, wallets, FASTags, and National Common Mobility Cards until then.
After March 15, these services will be unavailable. So, it’s a good idea for Paytm Payments Bank users to take action and withdraw their funds or close their accounts before the new deadline.
Which Banks Offer FASTag Services Now?
The NHAI has recently updated its list of approved banks for FASTag services, which now includes Airtel Payments Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, and more. This ensures that people can still easily use FASTag for toll payments at highways.
Steps To Cancel Paytm FASTag
To disable your Paytm FASTag, follow these steps:
Step 1: Go to the Paytm FASTag Portal and log in using your user ID, wallet ID, and password.
Step 2: Enter your FASTag number, registered mobile number, and other necessary details for verification.
Step 3: Scroll down and click on the “Help & Support” option.
Step 4: Choose “Need Help With Non-Order Related Queries?”
Step 5: Select “Queries Related to Updating FASTag Profile.”
Step 6: Choose “I Want to Close My FASTag” and follow the instructions provided. Remember, once deactivated, you cannot reactivate the same FASTag.
Paytm FASTag Transfer
To transfer your FASTag, you’ll need to reach out to a different issuer like HDFC or ICICI and buy a new one. You can’t simply switch it over to someone else. If you’re no longer using your vehicle, make sure to close the FASTag associated with it.
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Paytm FASTag Banned FAQs
Q.1. Can existing Paytm FASTag users continue to pay tolls?
Ans. Yes, existing users can use their Paytm FASTags until March 15, 2024, when no more transactions will be possible.
Q.2. What happens after March 15 to Paytm FASTag users?
Ans. After March 15, Paytm FASTags will cease to operate. Users are advised to switch to other banks for FASTag services.
Q.3. How can I cancel my Paytm FASTag?
Ans. To cancel your Paytm FASTag, log in to the FASTag portal, navigate to “Help & Support,” select “Close My FASTag,” and follow the instructions.
Q.4. Which banks offer FASTag services now?
Ans. Approved banks for FASTag services include Airtel Payments Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, and more.
Q.5. Can I transfer my Paytm FASTag to another person?
Ans. No, Paytm FASTags cannot be transferred to another person. You need to purchase a new one from a different issuer like HDFC or ICICI.
