The Reserve Bank of India (RBI) has clarified that Fastags are not interoperable. Moreover, Fastags issued by Paytm will be ineffective after 15 March, 2024.
New Delhi: The toll collection division of the state-owned National Highway Authority of India (NHAI) has eliminated Paytm Payments Bank Ltd (PPBL) as an authorized Fastag provider. Consequently, the Indian Highways Management Company (IHMCL) has urged users to acquire Fastags from its approved list of 32 banks.
Previously, the Reserve Bank of India (RBI) had postponed the deadline for Paytm Payments Bank from February 29 to March 15. After this cutoff date, Fastags issued by Paytm will be ineffective. Users holding funds in their Paytm accounts can claim refunds if they are unable to utilize them by March 15.. Post March 15, 2024, it will be impossible to recharge or top-up Fastags issued by Paytm Payments Bank.
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Compliance with the ‘One Vehicle, One Fastag’ regulation mandates the deactivation of Paytm Fastags. This rule dictates that each Fastag can only be linked with a single vehicle, or vice versa. Any remaining balances in Paytm accounts can be refunded upon request before the deadline.
Furthermore, the RBI has clarified that Fastags are not interoperable. Hence, customers must close their PPBL accounts and seek refunds, obtaining a new Fastag from a different bank. It’s crucial to understand that to obtain a new Fastag, users need to get their old Fastag deactivated. Users cannot undergo KYC procedures for a new Fastag until their previous one is deactivated.
How To Deactivate A Paytm Fastag Account Through The Paytm App
Go to Profile:
Open the application or website associated with your Fastag service provider.
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Navigate to Help And Support:
Look for the “Help & Support” section. This is usually located in the menu or profile settings. Click on it to proceed.
Find Banking Services And Payments:
Within the Help And Support section, there should be a category or subsection labelled “Banking Services And Payments.” Click on this option.
Select Fastag:
Under the Banking Services And Payments section, you’ll find various options related to different services. Look for “Fastag” or a similar option related to Fastag services and click on it.
Access “Chat with us”:
Within the Fastag section, there should be a support option titled “Chat with us” or something similar. This allows you to initiate a conversation with a customer support representative.
Initiate Chat:
Click on the “Chat with us” option to start a chat session with a support agent.
Request Deactivation:
Once connected with a support agent, explain that you would like to deactivate your Fastag account. Provide any necessary details they may ask for, such as your account information or identification.
Follow Instructions:
Follow any instructions provided by the support agent to complete the deactivation process. This may involve confirming your identity, providing additional information, or agreeing to certain terms and conditions.
Confirmation:
Once the deactivation process is complete, ask for confirmation from the support agent to ensure that your Fastag account has been successfully deactivated.
Verify Deactivation:
After the chat session ends, double-check to ensure that your Fastag account has been deactivated as requested. You may receive a confirmation email or notification regarding the deactivation.
