Paytm Payments Bank

The state-owned NHAI’s toll collection arm, Indian Highways Management Company Ltd. (IHMCL), has recommended that drivers purchase FASTags from 32 approved banks instead of Paytm Payments Bank in order to avoid any hassles when traveling.

Paytm Payments Bank (PPBL) was instructed by the Reserve Bank of India on January 31 to cease taking deposits or top-ups in any client accounts, wallets, FASTTags, and other instruments after February 29.

Customers may, however, receive their money back at any moment in the form of interest, cashback, or refunds.

With the exception of interest, cashback, or refunds that may be credited at any time, the RBI stated that “no further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024.”

In fact, according to RBI, the regulatory action is directed towards Paytm Payment Bank Ltd and would not have any effect on the Paytm App.

Regarding the usage of Paytm FASTag by drivers on the highway, there are various questions. Paytm FASTags that are still active as of February 29, 2024, and have a balance can continue to function until it is exhausted. Nevertheless, no more top-ups or transactions are feasible.

Is FASTag on Paytm Closed?

Highway users are urged by IHMCL to purchase FASTags from 32 approved banks, except Paytm Payments Bank. IHMCL had previously prohibited Paytm Payments Bank from issuing new FASTags in a letter dated January 19, 2024. Paytm FASTags that are still active as of February 29, 2024, can be utilized till their balance is exhausted.

Is FASTag for Paytm Still Active?

Until the amount is available, customers may utilize the balance from other accounts, such as savings bank accounts, current accounts, prepaid goods, FASTag, and National Common Mobility Card. RBI has let users of Paytm FASTag to access their balances; but, after February 29, they will not be able to add any funds to these wallets.

How Can I Remove My Paytm FASTag?

Paytm FASTags can be deactivated; once deactivated, they cannot be reactivated. Examine the actions listed below;

  • Open the FASTag Paytm Portal and log in and then enter User ID and Passport
  • You will now need to input the FASTag number, registered mobile number, and numerous other details needed for verification.
  • Click the Help & Support link after swiping down the page.
  • ‘Need Help With Non-Order Related Queries?’ appears now. Press Start.
  • Next, click on the FASTag Profile Updating Queries option.
  • Here, the user must choose I Want to Close My FASTag and then proceed with the instructions.

FASTag Transfer using Paytm

How Can My Paytm FASTag Be Transferred To Another FASTag?

There is no way to transfer this directly. In order to obtain a new tag and transfer your vehicle registration details, you must get in touch with a new FASTag issuer (such as HDFC or ICICI).

  • FASTags cannot be given to other parties. You must make sure that the FASTag you used for the registered car is closed if you plan to no longer use it.
  • Paytm FASTag Login
  • Open the FASTag Paytm Portal and log in. This requires the user ID, wallet ID, and password to be entered.

Paytm Customer Support Phone Number

Customer service lines are 0120-4456456 and 0120-4770770.

Paytm Customer Support Number for FASTag

The vehicle registration number (VRN) or tag ID, as well as the cellphone number against which the tag has been registered, can be mentioned while making a call at 1800-120-4210.

India’s Top FASTag Service Provider

Customers can purchase a FASTag from a wide range of options. A FASTag is available for purchase from 32 approved banks.

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Some of the 32 approved banks are Punjab National Bank, Yes Bank, ICICI Bank, IDBI Bank, HDFC Bank, Allahabad Bank, Bank of Baroda, Airtel Payments Bank, and State Bank of India.

Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, Saraswat Bank, Nagpur Nagrik Sahkari 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 are among the other banks that have been granted authorization to issue FASTags.

Paytm Payments Bank Controls Approximately 30% of the Market

Over 8 crore FASTag users use the app in India, and Paytm Payments Bank (PPBL) holds a 30% market share, according to a top NHAI official who spoke with PTI.

No Limitations Regarding Withdrawal

Paytm Bank clients may withdraw or use their available balance from any of their accounts, including savings bank accounts, current accounts, prepaid cards, FASTags, and National Common Mobility Cards, without any limitations.

After February 29, 2024, the bank should stop offering any other financial services, such as fund transfers (regardless of the name or type of service, such as AEPS, IMPS, etc.), BBPOUs, and UPI facilities.

Not to mention, the decision was the outcome of persistent, severe supervisory concerns and persistent non-compliance, the RBI had said in a statement.

IHMCL has said that it encourages FASTag users to complete the “Know Your Customer” (KYC) process on their most recent FASTag in accordance with RBI regulations.

The FASTag electronic toll collecting system is operated by the NHAI in India. Toll payments can be paid directly from the linked bank accounts using Radio Frequency Identification (RFID) technology.

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