How to deactivate Paytm Payments Bank FASTag before RBI deadline? Why is it important? All you need to know
Upstox
2 min read • Updated: March 8, 2024, 2:29 PM
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.
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.
What will happen to Paytm Payments Bank FASTag after March 15?
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.
How to deactivate Paytm Payments Bank FASTag?
- Open Paytm app
- Under the services section, tap on 'Manage FASTag'
- Select the FASTag you wish to deactivate
- Click on 'Help and Support'
- Click on 'Need help with non-order related queries?'
- Click on 'I want to close my FASTag' and follow subsequent steps.
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.
Why is it necessary to deactivate Paytm Payments Bank FASTag?
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.
What is FASTag?
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.