In response to claims of non-compliance, the Reserve Bank of India (RBI) took strong action against Paytm Payments Bank, demanding that the company cease taking deposits, credit transactions, and FASTag top-ups in any user account after February 29. The deadline was later advanced to March 15 in light of "larger public interest". Paytm was once recognised by the National Highway Authority of India (NHAI) as one of the banks that may issue FASTags to vehicle owners. However, Paytm Payments Bank Ltd (PPBL) was recently taken off the list of FASTag providers. Users won't be able to top up their accounts after the prohibition takes effect, but current Paytm FASTags will keep functioning until the available balance runs out.
The NHAI only permits one FASTag per vehicle. This implies that you will need to cancel your Paytm account and choose a different provider once your Paytm FASTag account balance is drained. Customers who wish to prevent difficulty have already been encouraged by the central bank to move their FASTag accounts to other banks. The complete list of approved banks was shared via a post by the official NHAI FASTag account on X (formerly Twitter). Here's how you can deactivate your account.
Deactivating the Paytm FASTag Account
Users of Paytm FASTag can access their current accounts via their FASTag ID and mobile number. Make a call to 1800-120-4210 to go about this. In order to receive assistance from a Paytm support agent, it is also mandatory to provide the Vehicle Registration Number (VRN).
Online deactivation of the Paytm FASTag account is another option for those who wish to skip this step. To access the Paytm app on a phone, open it and select the profile icon located at the top. After navigating through, look for Banking Services & Payments under Help & Support. You will find a FASTag section. Click on Chat with us to contact one of the Paytm executives about deactivating the account.
There's a third option as well. With a password, wallet ID, and user ID, one can access the FASTag Paytm interface. Subsequently, the verification step requires the entry of the FASTag number, registered mobile number, and further details. After completing, select Help & Support from the menu, then select Need Help With Non-Order Related Queries. To proceed with the remaining steps, choose the option labelled "I Want to Close My FASTag" from the Queries Related to Updating FASTag Profile option.
Applying for a New FASTag
Now, we move on to another crucial aspect, applying for a fresh FASTag. Here's an easy guide on how you can do it. As mentioned before, people can continue to pay tolls at highway and expressway plazas even after Paytm FASTags are delisted as long as their account balance remains sufficient beyond the deadline.
Deactivating the previous FASTag is the first step towards purchasing a new one. A current car with an active FASTag account will not receive a new FASTag from any bank. After deactivating the previous one, download the My FASTag app from the Google Store. On the app, choose the Buy FASTag option. This will direct users to an e-commerce site where they may purchase a new FASTag, which will be shipped to them. Click the FASTag option on the app and decide between Flipkart and Amazon to activate the FASTag. To activate it, one must enter the vehicle's information and FASTag ID once inside.
To mitigate any hassle, RBI has asked the Paytm FASTag customers to purchase a new one from over 30 other authorised banks by March 15. Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank are among the banks on this list.
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