Paytm FASTag: Can I continue to use it to pay toll? RBI issues FAQs | Details
The Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks without Paytm Payments Bank (PPBL) for hassle-free travel. The 32 authorised banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.
However, on Friday, the Reserve Bank of India (RBI), in its frequently asked questions (FAQs), said one can continue to use FASTags to pay the toll up to the available balance.
The RBI also advised customers as well as merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions.
The RBI has issued a list of 30 FAQs, for the convenience of customers of PPBL, and the general public at large.
RBI FAQs on FASTag issued by Paytm Payments Bank
I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024?
Yes. You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience.
I have a FASTag issued by Paytm Payments Bank. Can I recharge the balance after March 15, 2024?
No. After March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience.
Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank?
Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.
The RBI also said withdrawal or utilisation of balances by Paytm Payments Bank customers from their accounts, including saving bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards will be permitted without any restrictions, up to their available balance even beyond March 15.
IHMCL on FASTag KYC
The IHMCL has said it is encouraging FASTag users to complete the ‘Know Your Customer’ (KYC) process of their latest FASTag as per RBI guidelines.
The banks authorised for issuing FASTags also include Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, Saraswat Bank, Nagpur Nagrik Sahkari Bank, Kotak Mahindra Bank, Karur Vyasya Bank, J&K Bank, IndusInd Bank, Indian Bank, IDFC First Bank, FINO Bank, Equitable Small Finance Bank, Cosmos Bank, City Union Bank Ltd, Central Bank of India, Canara Bank, Bank of Maharashtra, AU Small Finance Bank, and Axis Bank.
What is FASTag?
FASTag is an electronic toll collection system in India operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for allowing toll payments directly from the linked bank accounts.
