Paytm funds financial institution can’t function Fastag from this date
Paytm points FASTag for vehicles by way of its Payments Bank however quickly the corporate shall be restricted from working its personal service.
If you might be utilizing a FASTag from Paytm for paying tolls then you’ll have to purchase a brand new FASTag from one other financial institution earlier than February 29, 2024. Every FASTag comes with a novel UPI ID and for Paytm FASTag customers, this UPI ID is instantly linked to Paytm Payments Bank.
Now, with the Reserve Bank of India (RBI) ordering Paytm Payments Bank to cease buyer transactions, it successfully means you may’t recharge your Paytm FASTag after February 29. And if FASTag doesn’t work then automobile house owners must pay double the toll as a nice in money.
Paytm FASTag will work as typical until February 29, 2024 and customers can proceed to recharge it as effectively. After February 29, Paytm FASTag will work with no matter present steadiness is left and as soon as the steadiness quantity is over then it may possibly’t be recharged any additional. As FASTag can’t be ported to a different financial institution from Paytm Payments Bank, your greatest guess is to get a brand new one from any supported financial institution.
“There are a set of products that the Paytm app offers to users, some products like FASTag are already distributed by other banks will continue,” Bhavesh Gupta, President and COO, Paytm was quoted saying in the course of the convention name on Thursday.
This improvement has come about after a serious determination by the RBI to limit operations of the Paytm Payments financial institution. As per the current RBI order, Paytm customers aren’t allowed to do credit score transactions or prime-ups in any buyer accounts and pay as you go devices after February 29, 2024. Technically, Paytm didn’t touch upon what occurs to FASTag IDs after February 29 but it surely guarantees to be engaged on “effective solutions” to make sure a seamless buyer expertise.
The reality that you just can’t switch the FASTag steadiness or transfer to a different financial institution signifies that the prevailing FASTag account/ID shall be rendered ineffective as soon as the stipulated deadline ends, except there’s a main U-flip within the restrictions nearer to the deadline later this month.
