Paytm Payments Bank had its services practically cut off in March after the Reserve Bank of India (RBI) took unprecedented action on Wednesday, virtually ending them. You will no longer be able to fund your wallet or Fastag or add funds to your account after February 29th, but you may still make withdrawals and transfers.Â
According to government laws, every four-wheeler is required to show a FASTag on the windshield. A system for collecting tolls automatically called FASTag is operated by India’s National Highway Administration (NHAI). Toll booth payments are made possible via the use of prepaid wallets and Radio Frequency Identification (RFID) technology.
The actions taken by the RBI can have an effect on those whose Paytm Payments Bank accounts are linked to their UPI. A Paytm Payments Bank account may accept deposits till February 29th. You are free to spend the money as it is deposited. Your UPI address will remain unaffected by RBI’s action if it is linked to other banks, such as SBI or ICICI Bank.
The RBI said in a statement about the action, “Aside from interest, cashbacks, or refunds, which can be credited anytime, no further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024.”
Merchants that have been acquired by the firm will no longer be able to accept payments, since Paytm Payments Bank accounts cannot be filled up with more money. But many of them have QR stickers from other companies, so they can still accept digital payments.
The easiest and most cost-effective option is to transfer money from your wallet to your bank account. You may also pay your utility or phone bills with this money till it runs out.
Paytm is no longer authorized by RBI to take certain prepaid instruments, such as National Common Mobility Cards (NCMCs) used in metros and food and fuel wallets. You are free to use the funds in your account until February 29th, after which further deposits will no longer be accepted.
To switch issuers and get a new Paytm Fastag tag, customers need deactivate their existing tag. Since these loans are not given by Paytm but by third-party lenders, borrowers are nonetheless obligated to repay them. If they were to make late or nonexistent repayments, it would have an impact on their credit score.
How Paytm FASTag can be disabled?
- Get the Paytm app on your phone or tablet and sign in with your information.
- Enter “FASTag” into the search bar. Proceed to the “Services” area and then choose “Manage FASTag.
- You’ll be able to see a list of all the FASTag accounts linked to your Paytm number on the following page.
- Move down to the “Help & Support” section, and then click on it.
- Pick “Queries related to updating FASTag profile” from the list under “Need help with non-order related queries?”
- You should see an option that says “I want to close my FASTag”; click on it and then follow the on-screen instructions.
