- Paytm FASTag accounts are available for making payments if there is money available, but cannot be recharged.
Paytm FASTags may have become invalid from March 15, but if you have a Paytm FASTag sticker on your car, you may make payments at toll plazas using that. Seems confusing? It is not. According to the mandate by the Reserve Bank of India (RBI), users won’t be able to make any deposit into the Paytm Payment Bank (PPBL) account or recharge their Paytm FASTag accounts. However, if there is money available in the Paytm FASTag account, that can be used for making payments, even if the March 15 deadline is over.
Also Read : How to buy and activate FASTag online: Key steps
The RBI has stated that consumers using PPBL FASTags can still utilise the money in their accounts to pay toll charges after March 15. While the Paytm wallets or accounts are inactive for any credit transactions, they are available for using transactions like making payments or transferring the remaining funds from it, given the account has money available in it.
(To buy a new FASTag, click here)
As per the RBI mandate, with the March 15 deadline already over, Paytm Payments Bank is not permitted to take in new deposits or process credit transactions. However, crediting is allowed for transactions like cashback, interest, sweep-ins from partner banks, and refunds.
Also Read : FASTag, toll plazas could soon be replaced by GPS-based toll collections
The RBI ordered the closure of Paytm Payments Bank due to non-compliance and supervisory concerns a few weeks back. This prompted the National Highway Authority of India (NHAI) to ban Paytm FASTags across the country. While Paytm became a popular issuer of FASTags across the country, many vehicle owners opted to purchase FASTag from them. As the platform has been banned from issuing FASTags and the Paytm FASTags have been banned from being recharged, it become a major inconvenience for many. However, NHAI has revised the list of banks and NBFCs that are allowed to issue FASTags. The users of Paytm FASTags have been advised by the NHAI to close their Paytm FASTag account and buy a new one from another issuer.
First Published Date: 19 Mar 2024, 16:52 PM IST
