Paytm Fastag account: There are more than 8 crore Fastag users in India and Paytm Payments Bank has about 30 percent market share. In such a situation, the question is, what options do users with Fastag accounts linked to Paytm Payments Bank now have? let us know
Paytm Fastag account: Giving relief to Paytm, the Reserve Bank of India (RBI) recently extended the ban date from 29 February to 15 March. RBI has said that existing customers and depositors depositing money in Paytm Payment Bank (PPBL) will have to transfer their money to other banks. Customers who have money in PPBL wallet and Fastag can use them. But they will not be able to put new money in them after March 15. RBI has asked NPCI to examine whether UPI operations can be continued on the Paytm app. Paytm wants to continue UPI operations by becoming a third party app provider.
Earlier this month, NHAI’s toll collecting arm IHMCL removed Paytm Payments Bank from the list of 32 authorized banks that can sell Fastag. However, users who have linked their Paytm account with ICICI, HDFC, Axis and other banks need not worry. Let us know what options Paytm Fastag users have now.
What should Paytm Fastag users do now?
Paytm Fastag users should use their Fastag balance. It can be used even after March 15. However, the sooner it is used, the better. After March 15, 2024, users will not be able to top-up or recharge their Fastag issued by Paytm Payments Bank. You should purchase a new Fastag in any other bank before March 15, 2024 to avoid any inconvenience. Apart from this, users can also apply for refund of the remaining money in Paytm Fastag account.
Can money be transferred from Paytm Fastag to Fastag of another bank?
There is also a question whether Paytm users can transfer the balance from their old Fastag issued by Paytm Payments Bank to the new Fastag obtained from any other bank? In response, RBI said that credit balance transfer feature is not available in Fastag product. Users will have to close their old Fastag issued by Paytm Payments Bank and request for a refund from the bank.
How to deactivate Paytm Fastag account
Paytm Fastag users will have to call the company’s toll free number 1800-120-4210 to deactivate the account. After this, users will have to provide their registered mobile number, vehicle registration number (VRN) or tag ID. Users can also contact Paytm customer support through the Paytm app. A customer support agent will contact you to confirm the closure of Fastag.
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