NHAI Removes Paytm Payments Bank From List of Authorised Banks for FASTag Services; Know How to Deactivate and Open New FASTag Account
The Reserve Bank of India gave Paytm Payments Bank (PPBL) instructions on January 31 to cease taking deposits or top-ups in any user accounts, wallets, FASTags, or other devices after February 29. This has been extended till March 15.
New Delhi, February 19: A second setback for Paytm came when Paytm Payments Bank Ltd (PPBL) was taken from the list of 30 banks that were approved to use the FASTag service by the National Highway Authority of India (NHAI). Users of the highway are urged to purchase Fastags from a list of 32 approved banks, excluding Paytm Payments Bank, by the road toll authority, Indian Highways Management Company (IHMCL).
The Reserve Bank of India gave Paytm Payments Bank (PPBL) instructions on January 31 to cease taking deposits or top-ups in any user accounts, wallets, FASTags, or other devices after February 29. This has been extended till March 15. RBI Action on Paytm Payments Bank: CAIT Asks Traders to Switch to Other Apps to Avoid Hassles Before Paytm Services Stop From February 29.
How to Deactivate FASTag On Paytm App?
- Open the Paytm application.
- Press the Profile symbol in the upper-left corner.
- Go to Assistance & Support.
- Choose Fastag under "Banking Services & Payments."
- On the bottom, select "Chat with us" to start the deactivation request.
How To Deactivate FASTag On Paytm Portal?
- Go to the Paytm Portal on Fastag and log in.
- Enter your Fastag number and any other information required for validation.
- Proceed to "Help & Support," then choose "I Want to Close My Fastag Profile."
How to Buy New FASTag?
- Install "My FASTag" from the Apple App Store or Google Play Store.
- Launch the application and select "Buy Fastag."
- Select the offered links to Flipkart or Amazon.
- Choose the platform, scan the QR code, and adhere to the on-screen directions to activate the Fastag. Paytm Payments Bank Services Have Been Curtailed by RBI Over ‘Persistent Non-Compliances and Continued Material Supervisory Concerns’: Report.
Notably, in order to obtain a new FASTag on Paytm Payments Bank, you must deactivate your current one in accordance with RBI standards.
(The above story first appeared on LatestLY on Feb 19, 2024 01:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).