The Reserve Bank of India has ordered Paytm Payments Bank not to accept new customers for services like prepaid cards, Paytm Wallets, FASTags, NCMC cards, credit transactions, and top-ups. Now, no customers of Paytm Bank will be able to avail of the mentioned services.
The central bank barred Paytm Payments Bank from accepting new deposits on March 15, ruling out any review of its action against the company. It has cited persistent non-compliance and continued material supervisory concerns for the regulatory action.
Several users of Paytm Banks are finding several difficulties, one of which is clarity regarding the Paytm Fastag. Users of Paytm Fastag are confused about whether their accounts are closed or whether their balance will be refunded or not.
Adisory by NHAI
The National Highways Authority of India (NHAI) issued an advisory which read, “To ensure seamless travel experience and avoid inconvenience at toll plazas, NHAI has advised Paytm FASTag users to procure a new FASTag issued by another bank before March 15, 2024.
This will help in avoiding penalties or any double fee charges while commuting on National Highways. In line with the guidelines issued by the Reserve Bank of India regarding restrictions on Paytm Payments Bank, the Paytm FASTags users will not be able to recharge or top-up the balance post 15th March 2024.”
Is Your Paytm Fastag Closed?
- Paytm Fastag will not be able to accept any new customers for Paytm Fastag and other services, despite being one of the largest suppliers of Fastag.
- The Paytm Fastag users need to close or deactivate their account, then only they can open a new Fastag account with another NHAI-authorised issuer.
- The National Highways Authority of India (NHAI) has advised the users of Paytm Fastag to obtain another Fastag to avoid penalties.
- Some users are finding it difficult to close the Paytm Fastag account, as it takes almost 5-7 working days. Also, the refund of security deposits and the minimum balance maintained will be transferred to Paytm Wallet.
- As per Paytm’s announcement, individuals who recharged their Paytm FASTag before March 15 will be able to utilize it until the balance is depleted. Moreover, the Paytm app has expanded its FASTag recharge services to include additional affiliated banks, alongside their existing partnership with HDFC Bank for FASTags.
How to Check Fastag Status?
Follow the below-mentioned steps to know your Fastag Status:
- Visit the official website of NCPI at www.npci.org.in
- LogIn using your Email ID and Passoword
- Select Search by FASTag ID or Vehicle
- Enter the required Captcha
- Click on Check Status