On January 31, the
Reserve Bank
directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. The RBI last week extended this date to March 15. RBI has now directed the UPI watchdog, the National Payments Corporation of India (NPCI), to examine the request of Paytm parent company One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TPAP) for the UPI channel for continued UPI operation of the Paytm app.
This further becomes important as earlier this month Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, removed Paytm Payments Bank from the list of 32 authorised banks that can sell Fastags. However, users who have linked their Paytm account to other banks like ICICI, HDFC, Axis and others need not worry.
According to reports quoting NHAI official, India has over 8 crore Fastag users and Paytm Payments Bank (PPBL) has around 30 per cent market share. So what should users with a Fastag account linked to Paytm Payments bank do?
Options available to Paytm Fastag users
* Consume their Paytm Fastag balance. at the earliest. They can use the balance after March 15 as well. However, the sooner they consume it, the better. After March 15, 2024 users will not be able to top-up or recharge their Fastags issued by Paytm Payments Bank. It is suggested that you procure a new Fastag issued by another bank before March 15, 2024 to avoid any inconvenience.
* Seek
refund
of the money left in their
Paytm Fastag account
.
Can Paytm users transfer the balance from their old Fastag issued by Paytm Payments Bank to a new Fastag obtained from another Bank?
According to RBI, credit balance transfer feature is not available in the Fastag product. Therefore, users will have to close their old Fastag issued by Paytm Payments Bank and request the bank for a refund. It is same for National Common Mobility Card (NCMC) issued by Paytm Payments Bank
How can Paytm Fastag users seek refund
Paytm Fastag users can call on the company's Toll free number: 1800-120-4210 and mention their mobile number against which the tag has been registered along with the Vehicle Registration Number (VRN) or Tag ID. Users can also get in touch with Paytm's customer support through the Paytm app. "Our Customer Support agent will get in touch with you to confirm the closure of Fastag," says the company on its website.
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