Paytm FASTag users urged to switch to other banks before March 15, asks NHAI
Paytm FASTag users urged to switch to other banks before March 15, asks NHAI
Starting March 15, 2024, Paytm Payments Bank FASTags will stop supporting top-up or recharge services. This move was prompted by guidelines from the Reserve Bank of India, leading to a recommendation from the National Highways Authority of India (NHAI) for users to switch to other bank-issued FASTags before the deadline.
The Ministry of Road Transport & Highways emphasized the importance of this switch, stating it will prevent users from incurring penalties or double fee charges on national highways.
According to RBI regulations, existing Paytm FASTags can still be used for toll payments until the balance is exhausted.
“If users have any questions or need assistance with Paytm FASTag, they should contact their respective banks or check the FAQs on the Indian Highway Management Company Limited (IHMCL) website,” the Ministry advised.
NHAI stressed the need for proactive action by Paytm FASTag users to ensure uninterrupted travel on national highways.
Last month, the Reserve Bank of India instructed the National Payments Corporation of India (NPCI) to facilitate alternative options for customers using Paytm Payments Bank Ltd’s Unified Payments Interface (UPI), enabling a seamless transition.
RBI reiterated the need for holders of Paytm Payments Bank FASTags and National Common Mobility Cards (NCMC) to make alternative arrangements before March 15, 2024, to avoid inconvenience.
Additionally, PPBL customers and merchants are encouraged to shift their accounts to other banks before the deadline, with PPBL granted a 15-day extension to conclude its operations.
To ensure a smooth travel experience and avoid delays at toll plazas, NHAI advises Paytm FASTag users to obtain a new FASTag from another bank before March 15, 2024. This precaution will prevent penalties or additional fees while traveling on national highways.
