The Reserve Bank of India (RBI) on January 31 banned Paytm Payments Bank Limited (PPBL) from adding new customers with immediate effect. The central bank also said that this bank, owned by One97 Communications, will not be able to do credit transactions or top-up in any customer account, prepaid card, Paytm wallet and Fastag after March 15, 2024.
The Reserve Bank of India (RBI) on January 31 banned Paytm Payments Bank Limited (PPBL) from adding new customers with immediate effect. The central bank also said that this bank, owned by One97 Communications, will not be able to do credit transactions or top-up in any customer account, prepaid card, Paytm wallet and Fastag after March 15, 2024.
The people most affected by the RBI decision are those who have taken Paytm’s FASTag. It is clear in the order of the Central Bank that after March 15, no funding or top-up can be done in the FASTags issued by Paytm Payments Bank. This means that you cannot recharge them using any other bank or wallet.
Let us know what you should do if you have FASTag of Paytm Payments Bank?
Should Paytm Fastag be stopped?
Absolutely. So do not delay at all in switching off Paytm Fastag. Especially, if there is no money left because you will no longer be able to recharge it. Fastag neither has the facility to port like a SIM nor to transfer credit balance.
In such a situation, your only option is to switch off Paytm Fastag. If there is any amount left, you will have to request a refund from the bank. To avoid inconvenience, you should get a new Fastag from any other official platform before March 15.
Why is it necessary to stop Paytm Fastag immediately?
It takes at least 5-7 days to deactivate Paytm Payments Bank Fastag. If you submit a request to close your account, you will get this message, ‘Your Fastag will be closed in 5-7 working days. Your outstanding amount including security deposit will be returned to your Paytm Payments Bank wallet.
Many people have complained on social media that even after more than 10 days, their Paytm Fastag has not been deactivated. In such a situation, the sooner you submit the request for closure, the better it will be. Also, you can get a new Fastag only after closing Paytm Fastag.
How to deactivate Paytm FASTag from Paytm App:
-Login to Paytm account and search ‘FASTag’.
– Select ‘Manage FASTag’ option.
– Then go to the home page, scroll down and select ‘Help & Support’.
– Select ‘Need help with non-order related queries’.
– Select ‘I want to close my Fastag’ and confirm.
-Select the reason for making FASTag account here.
