New Delhi:
As Paytm Fastag closed it’s services, several important updates and instructions have been provided regarding account deactivation, balance transfer, and refunds.
Closure by RBI
RBI mandated existing customers to transfer their funds from Paytm Payments Bank (PPBL) to other banks.
Customers with balances in PPBL wallet and Fastag will no longer be able to utilize them.
UPI Operations Examination
RBI directed NPCI to examine the feasibility of continuing UPI operations on the Paytm app.
Paytm is continuing UPI operations by functioning as a third-party app provider.
Removal from NHAI’s List
NHAI’s toll collecting arm IHMCL removed Paytm Payments Bank from the list of authorized banks for Fastag sales.
However, users linked with other banks such as ICICI, HDFC, and Axis need not worry.
Actions for Paytm Fastag Users
Purchase a New Fastag
To avoid inconvenience, purchase a new Fastag from another bank before March 15, 2024.
Apply for Refund
Users can apply for a refund of remaining money in their Paytm Fastag account if needed.
Balance Transfer and Deactivation
Balance Transfer Not Available
RBI confirms that the balance transfer feature is not available in the Fastag product. Users must close their old Fastag issued by Paytm Payments Bank and request a refund.
Post Deactivation
To know any more details after deactivation of Paytm Fastag account, users can call the toll-free number 1800-120-4210.
Provide registered mobile number, vehicle registration number (VRN), or tag ID.
Alternatively, users can contact Paytm customer support through the app, where a support agent will assist in confirming Fastag closure.
