Paytm Payments Bank Limited has been removed from the list of approved Fastag suppliers by the government-owned National Highway Authority of India (NHAI). Additionally, customers are recommended to buy Fastags from banks that are approved by the Indian Highways Management Company(IHMCL).
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Earlier, on February 29, the Reserve Bank of India (RBI) extended the deadline for Paytm Payments Bank until March 15. Following this date, Paytm’s Fastags will become invalid. By March 15, users can ask for a refund if they are unable to use the funds in their Paytm accounts. because after March 15, 2024, users won’t be able to add money to or recharge Fastags that are issued by Paytm Payments Bank.
The ‘One Vehicle, One Fastag’ policy requires Paytm Fastags to be deactivated in order to be followed. This implies that a vehicle and a Fastag can only be connected, or the other way around. Before the deadline, Paytm account holders can request a refund of any remaining balances.
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Furthermore, it has been made clear by the Reserve Bank of India that Fastags are not interoperable. In order to get a new Fastag from a different authorized bank and request refunds, users must close their Paytm Payments Bank Limited accounts. It is crucial to realize that users must deactivate their previous Fastag in order to obtain a new one. Until the previous FASTag is deactivated, it is not possible to complete the KYC for a new one.
Process to deactivate Paytm Fastag Account
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Click the icon that appears on the left side of the screen to access your profile when the Paytm app is open.
Select “Help & Support” by swiping down.
Navigate to the “Banking Services & Payments” area and choose “Fastag” in addition.
Moreover, there is a “Chat with us” support section. Press it to initiate a dialogue.
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Make sure you ask the customer support agent you talk to to cancel your Fastag account. Give the required information, such as your identity or account details, when asked.
Continue as directed by the customer service representative to finish the deactivation procedure.
You will be notified via email or notification that your FASTag has been deactivated as confirmation.
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