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.
Paytm Payment Bank is a significant provider of Fastag services across the country, with a considerable number of users depending on Paytm Fastags. In response to this, the National Highways Authority of India (NHAI) has advised all Paytm Fastag users to switch to a new issuer authorised by NHAI.
Those who wish to close the Paytm Payments Bank FASTag can do it via the Paytm App. If you also want to close your Paytm Payments Bank FASTag, here is a guide on how to close your Paytm Payments Bank FASTag in easy steps.
A guide on how to close your Paytm Payments Bank FASTag in easy steps
Step 1: 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.
Step 2: After that, select your desired vehicle and choose the 'Close FASTag option' on the page.
Step 3: 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.
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Inputs from IANS
