The National Highway Authority of India (NHAI) has removed Paytm Payments Bank Ltd (PPBL) from its list of 30 authorised banks for providing FASTag service. This move comes after the Reserve Bank of India's directive to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29, 2023, a deadline later extended to March 15, 2023. Meanwhile, the Indian Highways Management Company Ltd (IHMCL) on its website says, "The most recent FASTag issued on your vehicle will be considered as your active FASTag. To streamline and enhance the efficiency of our system, all other FASTags if any, issued on your vehicle would be discontinued. If you have multiple FASTags on a single vehicle, we kindly urge you to visit your nearest bank branch to close any earlier issued FASTags. This will help in avoiding any inconvenience and ensure a smooth experience for all FASTag users.”
Even if you can close PAYtm FASTags, the public was concerned regarding existing balances in PPBL-issued FASTag accounts.
What Customers Need to Know About Paytm FASTags? Existing Balance & Balance Transfer
RBI in an FAQ released yesterday clarified, users can continue to utilise their Paytm Payments Bank Ltd FASTags even after March 15, 2023, until their balance depletes. But after March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience, RBI said.
Regarding the transfer of balance from the old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank, RBI said the credit balance transfer feature is not available in the FASTag product. So, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.
So, customers are now left with the only option to cancel the Paytm FASTag and buy new ones from any of the banks (listed by IHMCL). The banks listed include many scheduled commercial banks and cooperative banks.
Closure and Refund process
To close FASTag via the Paytm App:
Open the Paytm app and navigate to the Help & Support section.
Select the FASTag option and select Need Help.
Proceed to update FASTag and provide the vehicle registration number.
Confirm the vehicle details and click 'Yes'
Upload a photo of the removed FASTag
Your refund will be done in 7 days to the PPBL wallet
Deactivating FASTag via Portal:\
Log in to the FASTag Paytm Portal using your user ID, wallet ID, and password
Enter your FASTag number, registered mobile number, and other necessary details for verification
Navigate to the Help & Support option
Navigate to 'Need help with non-order related queries' and choose 'close FASTag'
Follow the subsequent steps and confirm closure
After successfully deactivating the Fastag account associated with Paytm Payments Bank users can contact a new FASTag issuer to purchase a new tag and transfer their vehicle registration details. Users can contact any service provider from the list of approved banks provided by IHMCL and request assistance in switching FASTag services.
