Business News
2 min read | Updated on March 08, 2024, 14:29 IST
SUMMARY
One will not be able to add money to the FASTag issued by Paytm Payments Bank after the March 15 RBI deadline. Users can either use the amount or deactivate their FASTag and request the bank for a refund.
NHAI has removed Paytm from list of authorised banks
As the Reserve Bank of India (RBI) has barred Paytm Payments Bank from accepting new deposits after March 15, 2024, users holding its FASTag are worried about the status of their electronic toll collection system. In this article, we will talk about the status of Paytm Payments Bank FASTag post RBI deadline, how to deactivate it and get a new tag.
According to Paytm, users will not be able to add money to the FASTag issued by Paytm Payments Bank after the March 15 deadline. Users can either use the amount or deactivate that FASTag and request the bank for a refund.
One can also call Paytm's toll-free number, 1800-120-4210, to deactivate FASTag. "Our Customer Support agent will get in touch with you to confirm the closure of FASTag," the company said.
Under the One Vehicle, One FASTag initiative by the National Highways Authority of India (NHAI), one FASTag can only be linked to a single vehicle. Hence, it is necessary for users to deactivate their old FASTags to get a new one.
Based on Radio Frequency Identification (RFID) technology, FASTag is a reloadable prepaid tag that enables users to pay at the toll plaza without stopping. The amount gets automatically deducted from the linked wallet. The tag is fitted on the windshield of the vehicle.
Last month, Indian Highways Management Company Ltd (IHMCL), a subsidiary of NHAI, removed Paytm Payments Bank from the list of authorised banks to issue FASTag. Currently, 32 authorised banks issue the tag.
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