The Reserve Bank of India (RBI) has addressed frequently asked questions (FAQs) regarding using Paytm FASTags for toll payments. According to the FAQs, customers can continue to utilize their Paytm FASTags to pay tolls until their available balance is exhausted.
However, after March 15, 2024, no further funding or top-ups will be permitted for FASTags issued by Paytm Payments Bank (PPBL). The RBI advises customers to procure a new FASTag from another bank before the deadline to avoid inconvenience.
Can I Recharge the Balance on my Paytm FASTag After March 15, 2024?
No, post March 15, 2024, you cannot recharge or top-up your Paytm FASTag. Acquiring a new FASTag from a different bank before the aforementioned date is recommended to prevent any disruptions.
Update on paytm fastags from RBI
India has over 7 crores fastag users out of which 2 crores are using fastag issued by paytm
After 15th March you won't be able to use fastag issued by paytm, so its better to buy another fastag from list of 32 authorized lenders pic.twitter.com/WSbwlQQpja
— Vibhor Varshney (@nakulvibhor) February 16, 2024
Is Balance Transfer Possible from my Paytm FASTag to a New FASTag from Another Bank?
No, the credit balance transfer feature is not available for FASTags. Therefore, customers are required to close their existing Paytm FASTag and request a refund from the bank.
Also Read – ED Knocks At Paytm’s Doors After RBI Action
Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank?
Furthermore, the RBI has confirmed that Paytm Payments Bank customers can withdraw or utilize balances from their accounts, including savings, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, without any restrictions, up to their available balance even beyond March 15.
Additionally, the Indian Highways Management Company Ltd (IHMCL) encourages FASTag users to complete the ‘Know Your Customer’ (KYC) process for their latest FASTag as per RBI guidelines.
FASTag, an electronic toll collection system in India operated by the NHAI, utilizes Radio Frequency Identification (RFID) technology to facilitate toll payments directly from linked bank accounts.
Authorized banks for issuing FASTags include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank.
For hassle-free travel, IHMCL advises highway users to purchase FASTags from authorized banks, excluding Paytm Payments Bank. This initiative aims to ensure seamless toll collection operations and enhance user experience on Indian highways.
