New Delhi: The Paytm Payments Bank (PPB) has advised all its users to switch over to other payment modes to pay toll tax on the national highways, as its system of payment of toll through Paytm FASTag is no longer valid.
The Reserve Bank of India (RBI) had issued the direction that the Paytm wallet will not be able to accept any deposit with effect from March 15. So, technically, the FASTag app using the Paytm platform will not qualify for remittance through scanners at toll plazas across the country.
Also Read: Paytm Payments Bank ops under ED scanner for money laundering
The National Highways Authority of India (NHAI) had earlier directed the Paytm FASTag users to switch to other bank FASTag before March 15, 2024. In line with the guidelines issued by the Reserve Bank of India regarding restrictions on PPB, the Paytm FASTags users will not be able to recharge or top-up the balance post the deadline. However, they can use their existing balance to pay toll beyond the stipulated date.
Paytm officials said that the PPB had provided clarity especially on the usage and management of FASTags issued by them, in compliance with the RBI’s latest guidelines.
How to close Paytm FASTag account?
A PPB official said that it was easy to close down the FASTag operation linked to Paytm by the app user. He said that the PPB had sent messages to do away with FASTag users along with details.
Also Read: Paytm launches ‘payment protect’ against fraudulent transactions
“Open the Paytm app and search for “Manage FASTag” in the search menu. Navigate to the ‘Manage FASTag’ section to see all vehicles linked to your FASTag. Then, select ‘Close FASTag option’ located in the top right section of the page and choose the vehicle for which the FASTag needs to be closed. Click ‘Proceed’ and wait for the confirmation message on your screen. The FASTag will be closed within 5-7 working days,” he explained.
Balance on PPB FASTag
The PPB official said that account holders will get the full refund for the security and minimum balance in their FASTag account. “Once the PPB FASTag is closed, the security deposit along with any remaining minimum balance will automatically be credited back to the PPB Wallet,” he said.
