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Wednesday, May 22, 2024

Understanding Paytm FASTag: RBI FAQs and What You Need to Know

What is Paytm FASTag and its Usage for Toll Payments?

FASTag, an electronic toll collection system facilitated by the NHAI, has become an integral part of seamless travel on Indian highways. Utilizing Radio Frequency Identification (RFID) technology, FASTag enables automatic toll payments directly from linked bank accounts, enhancing convenience for commuters.

RBI FAQs Addressing FASTag Users

Recently, the Reserve Bank of India (RBI) issued a set of frequently asked questions (FAQs) regarding Paytm FASTag, addressing concerns and clarifying its usage amidst regulatory changes.

Continuity of FASTag for Toll Payments

According to RBI’s FAQs, Paytm FASTag users can continue utilizing their tags to pay tolls up to the available balance. However, after March 15, 2024, no further funding or top-ups will be permitted for FASTags issued by Paytm Payments Bank (PPBL).

Paytm FasTag

Transitioning to Alternative FASTag Providers

In light of the regulatory directives, users are advised to procure new FASTags from alternative banks to ensure uninterrupted toll payment services. Airtel Payments Bank, HDFC Bank, ICICI Bank, and other authorized banks offer FASTags, ensuring hassle-free travel on highways.

Account Transition and Balance Transfer

Post-March 15, 2024, Paytm FASTag users will not be able to recharge their accounts. Additionally, credit balance transfer between old Paytm FASTags and new FASTags obtained from other banks is not feasible. Users are urged to close their old Paytm FASTag accounts and request refunds from the bank.

Regulatory Compliance and Account Utilization

RBI emphasizes that Paytm Payments Bank customers can withdraw or utilize their account balances, including savings, current accounts, prepaid instruments, and FASTags, without restrictions beyond the stipulated deadline of March 15, 2024.

  1. Deactivate Your Paytm Fastag:
  2. Get a New Fastag:
    • You can purchase a new Fastag from one of the 32 banks listed on the NHAI website.
    • Alternatively, download the “My FASTag” app from Google Play Store or Apple App Store.
    • Scroll down to the “Buy Fastag” option.

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