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The National Highway Authority of India (NHAI), a state-owned company, has removed Paytm Payments Bank Limited as an approved Fastag supplier. In addition to this, users have been advised by the Indian Highways Management Company (IHMCL) to buy Fastags from banks on its approved list.
Earlier, the Reserve Bank of India (RBI) had increased the deadline for Paytm Payments Bank from February 29 to March 15. After this cutoff date, Fastags issued by Paytm will not be effective. Customers who have balance in their Paytm accounts can claim refunds if unable to use it by March 15. Because, after March 15, 2024, users will not be able to recharge or top-up Fastags issued by Paytm Payments Bank.
In order to comply with the 'One Vehicle, One Fastag' policy, Paytm Fastags must be deactivated. This means that each Fastag can only be linked with a single vehicle, or vice versa. Any remaining balances in Paytm accounts can be refunded upon request before the deadline.
Also, the Reserve Bank of India has clarified that Fastags are not interoperable. This means, users must close their Paytm Payments Bank Limited accounts and seek refunds, getting a new Fastag from a different authorised bank. It is very important to understand that to get a new Fastag, users must get their old Fastag deactivated. There is no way to get the KYC done for a new FASTag until the old one is deactivated.
How to deactivate Paytm Fastag Account?
- Open the Paytm app and go to your profile by clicking on the icon appearing on the left side of the screen.
- Scroll down and tap the ‘Help & Support’ option.
- Go to the ‘Banking Services & Payments’ section and further select ‘Fastag’.
- Further, you will see a support section called ‘Chat with us’ , tap on the same and initiate the chat.
- After getting connected with a customer care executive, ask them to deactivate your Fastag account. Provide required details when asked like your account information or identification.
- Keep on following the instructions given by the customer care executive and complete the deactivation process.
- As a confirmation, you will receive a notification or an email that your FASTag has been deactivated.
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