Paytm Payments Bank Ltd (PPBL) has been removed from the list of 32 authorised banks for providing FASTag services, the National Highways Authority of India (NHAI) announced on Friday.
The Reserve Bank of India (RBI) extended the deadline for Paytm Payments Bank from February 29 to March 15. Consequently, Paytm FASTags will remain operational until March 15, 2024.
However, after this date, FASTags issued by Paytm Payments Bank may become inactive if not permitted by the RBI. Users will not be able to top-up or recharge their FASTags issued by Paytm Payments Bank after this deadline.
What Is FASTag?
FASTag is an electronic toll collection system implemented in India, managed by the NHAI. It allows easy toll booth payments using prepaid wallets using Radio Frequency Identification (RFID) technology.FASTags are attached to cars' windscreens and enable the automated deduction of toll costs when vehicles pass through toll plazas, eliminating the need for human cash transactions.
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Why Do You Have To Deactivate It?
The 'One Vehicle, One Fastag' restriction requires you to deactivate your Paytm Fastag because it permits just one Fastag per vehicle. If you have funds remaining in your Paytm accounts, you can request refunds before the deadline.
Plus, this has been highlighted by the RBI's Paytm Payment Bank FAQs, stating that Fastags are not interchangeable. Customers will thus need to get a refund and close their PPBL accounts to get a new Fastag from a different bank.
How To Deactivate Paytm FASTag Account:
Through the Paytm app:
Go to Profile > Help & Support > Banking Services & Payments > FASTag.
Click on "Chat with us" to request deactivation.
Through the FASTag Paytm Portal:
Log in to the portal.
Provide your FASTag number, registered mobile number, and necessary details for verification.
Under "Help & Support," select "I Want to Close My FASTag Profile."
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How To Buy New FASTag Online:
Download the "My FASTag" app from Google Play Store or Apple App Store.
Click on "Buy FASTag" to access the e-commerce link.
Purchase the FASTag, and it will be delivered to your address.
Full List Of Authorised Banks To Issue New FASTags
State Bank of India
ICICI Bank
Airtel Payments Bank
HDFC Bank
Fino Payments Bank
IDBI Bank
IDFC Bank
Indian Bank
Jammu and Kashmir Bank
Induslnd bank
Kotak Mahindra Bank
Karnataka Bank
Karur Vysya Bank
Nagpur Nagarik Sahakari bank
Punjab National Bank
Sarswat Bank
Union Bank of India
YES Bank
Thrissur District Cooperative Bank
UCO Bank
Axis Bank
AU Small Finance Bank
Bank of Maharashtra
Canara Bank
Cosmos Bank
Bandhan Bank
Bank of Baroda
Federal Bank
Equitas Small Finance Bank
Indian Overseas Bank
South Indian Bank
City Union Bank
