Monday, March 4, 2024

Paytm FASTag will be closed after February 29, how much will it affect you?

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RBI has allowed Paytm Fastag users to clear the balance in their Fastag till 29 February 2024.Image Credit source: tv9 bharatvarsh

Paytm FASTag: Reserve Bank of India has taken strict action against Paytm Payments Bank, after which now Paytm Payments Bank users will not be able to do any transaction in prepaid instrument, wallet or Fastag, but those users who have balance left in their wallet or Fastag can do it from 29th February. Can be used till.

Let us tell you that RBI has taken this action against Payment Payments Bank after the comprehensive system audit report and compliance verification report of external auditors. In fact, for a long time, RBI had been receiving many complaints on the compliance issue of Paytm Payments Bank Limited, after which RBI has taken this strict step.

What will happen to your Paytm FASTag after February 28?

After this strictness of RBI, a question is arising in the minds of Paytm Fastag users that what will happen to their existing balance in Paytm Fastag. Also, will they be able to recharge Paytm Fastag in future also? If you are also in similar doubt, then let us tell you that RBI has given permission to Paytm Fastag users to eliminate the balance in their Fastag till 29th February 2024, but the users whose account will have balance after 1st March. So they will not be able to use it.

What is Fastag?

According to government rules, it is mandatory for all four-wheelers to have FASTag on the windshield. FASTag is an electronic toll collection system in India, operated by NHAI. It uses Radio Frequency Identification (RFID) technology to make payments at toll booths using prepaid wallets. It is because of Fastag that there is no unnecessary crowd at the toll plaza.

How to deactivate Paytm Fastag?

  • Open Paytm’s official website or mobile application.
  • Log in to your Paytm account using the mobile number registered with your FASTag account.
  • Click on the Manage Fastag icon under the Travel Services section on the Paytm homepage.
  • Next, under the Manage FASTag section, you will be able to see all your active FASTag accounts which are linked to the Paytm number.
  • From here you have to select the FASTag account you want to close and then click on Close FASTag.
  • Proceed with your confirmation and your FASTag account will be closed/cancelled/deactivated

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