RBI clarifies on Paytm FASTag usage after March 15; customers advised to switch to other banks

RBI clarifies on Paytm FASTag usage after March 15; customers advised to switch to other banks

The Reserve Bank of India (RBI) has issued a set of frequently asked questions (FAQs) for the customers of Paytm Payments Bank Ltd (PPBL), which has been barred from accepting deposits or top-ups in any customer account, including FASTags, after March 15, 2024. The RBI said that the customers can still use their FASTags to pay toll up to the available balance, but no further funding or top-ups will be allowed in the FASTags issued by PPBL after March 15, 2024. The RBI also suggested that the customers procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience.

After March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.

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FASTag is an electronic toll collection system operated by the National Highways Authority of India (NHAI), which uses the Radio Frequency Identification (RFID) technology for making payments at the toll booths using prepaid wallets. The NHAI has advised highway users to buy FASTags from 32 authorised banks without PPBL for hassle-free travel. The 32 authorised banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.

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The RBI also said that the customers and merchants of PPBL can withdraw or utilise their balances from their accounts, including saving bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards without any restrictions, up to their available balance even beyond March 15, 2024. However, the RBI advised the customers and merchants to shift their accounts to other banks by March 15, 2024, giving 15 more days to the entity to close most of its operations, including deposit and credit transactions.

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Source : Hindustan Times

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