The Reserve Bank of India (RBI) has taken action against the Digital Payments and Services Mobile App “Paytm” due to Non-compliance issues. The RBI instructed Paytm to cease accepting deposits, credit transactions and top-ups for FASTags in customer accounts after 29th February 2024.
This deadline was later extended to 15th March 2024, citing “larger public interest.” Additionally, Paytm is restricted from offering several services, including Wallets and FASTags. Following the ban, existing Paytm FASTags will continue to function until the balance gets depleted.
However, users will not be able to add funds to their FASTag accounts after the ban takes effect. The National Highway Authority of India (NHAI) has also removed PayTM Payments Bank Ltd (PPBL) from its list of approved FASTag providers. After depleting the balance in your Paytm FASTag account, you will need to deactivate it. This is because the new rule stipulates only one FASTag per vehicle. To deactivate your Paytm FASTag, you will need to contact Paytm support.
Once you have deactivated your Paytm FASTag, you can purchase a new one from any of the 32 banks listed by NHAI or directly from the NHAI website. To activate your new FASTag, download the ‘My FASTag’ app from the Google Play Store or Apple App Store. Enter your vehicle registration details, and your new FASTag will be activated after completing the process.
