RBI, the regulatory authority in India, has taken strict measures against Paytm Payments Bank due to alleged non-compliance issues. Initially, the deadline for the bank to cease several operations, including accepting deposits, credit transactions, and FASTag top-ups, was set for February 29.
However, this deadline was extended to March 15, purportedly in the interest of the larger public. Additionally, the bank is now prohibited from conducting various activities such as top-ups, managing prepaid instruments and wallets, overseeing National Common Mobility Cards, and handling FASTags.
These actions signify a significant regulatory intervention aimed at ensuring compliance and protecting the interests of consumers and the financial system as a whole.
Will my Paytm FASTag function after the deadline?
Paytm Payments Bank Ltd (PPBL) has been delisted by the National Highway Authority of India (NHAI) from its roster of approved FASTag providers. While current Paytm FASTags will remain operational until their balance is depleted, users will no longer have the option to recharge their FASTag accounts once the ban takes effect. To recap, FASTag is India’s toll collection system for vehicles.
What actions should Paytm FASTag users takenow?
Paytm FASTag users with remaining balances in their accounts can continue to utilize them beyond February 29; however, they will be unable to replenish their accounts or make additional top-ups.
Paytm has stated, “Please be aware that as of Feb 29, 2024, you will no longer be able to deposit or add funds to your Paytm Payments Bank Account/Wallet. Nonetheless, there are no constraints on withdrawing funds from your existing balance, even after Feb 29, 2024.
How to Delete FASTag Accounts:
- Access the FASTag Paytm Portal by logging in with your user ID, wallet ID, and password.
- Navigate to ‘Help & Support.’
- Choose ‘Queries Related to Updating FASTag Profile.’
- Opt for ‘I Want to Close My FASTag’.
How to Port to Another Provider
To transfer your FASTag from Paytm to another provider:
- Reach out to the customer care of the new bank or provider.
- Provide them with the necessary details and initiate the porting process
Other banks offering FASTags
Several banks are now included in the updated NHAI list offering FASTags. These banks comprise a diverse range, including Airtel Payments Bank, Allahabad Bank, AU Small Finance Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Equitas Small Finance Bank, and Federal Bank.
Additionally, Fino Payments Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Indian Bank, IndusInd Bank, Jammu & Kashmir Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank, Punjab National Bank, Saraswat Bank, State Bank of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India, and Yes Bank are also featured on the list. These banks offer a variety of options for obtaining and managing FASTags, facilitating efficient toll payments for users.
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