May 25, 2024

Business

How to close Paytm Payments Bank FASTag?

IANS / kaumimarg | March 15, 2024 06:33 PM

As per the guidelines issued by the Reserve Bank of India (RBI) regarding restrictions on Paytm Payments Bank, users of Paytm FASTag will not be able to top up or add to their balance after midnight on Friday.

However, they can continue to use their current balance for toll payments even after March 15.

Those who wish to close the Paytm Payments Bank FASTag can do it via the Paytm App.

People can first open the Paytm App and search for 'Manage FASTag' in the search menu.

The Manage FASTag section will list all the vehicles linked to Paytm Payments Bank FASTag. After that, people will be required to choose the 'Close FASTag option' on the top right section of the page then select the vehicle for which they want to close the FASTag.

On clicking Proceed a confirmation message will appear on the screen. The FASTag will be closed within 5-7 working days.

As per the company, the applicable security deposit and minimum balance maintained for PPBL FASTag will be refunded to the Paytm Payments Bank Wallet post-closure.

On Friday, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), the parent company of Paytm, to participate in Unified Payments Interface (UPI) as a third-party application provider under multi-bank model.

Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) will act as Payment System Provider (PSP) banks to OCL.

Meanwhile, the National Highways Authority of India has advised Paytm FASTag users to procure a new FASTag issued by another bank before March 15.

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