What To Do With Your Paytm FASTag Account After RBI's Bombshell Directive

The Reserve Bank of India (RBI) on Thursday directed Paytm Payments Bank Ltd (PPBL) to halt the onboarding of new clients, affecting various services like deposits, credit transactions and FASTag usage.

To help users navigate through this change, here’s a simple step-by-step guide on closing your Paytm FASTag if you choose to.

Understanding the RBI Directive: Effective February 29, Paytm FASTag users will no longer be able to make deposits or top-ups into their accounts. However, existing balances can be used, withdrawn or transferred without any restrictions.

Closing Your Paytm FASTag: To close your Paytm FASTag, follow these simple steps:

  1. Login to Paytm App: Open the Paytm app using your mobile number registered with your FASTag account.
  2. Access FASTag Management: In the ‘Search Bar,’ type ‘FASTag’ and click on ‘Manage FASTag’ under the ‘Services’ section.
  3. View Active FASTag Accounts: A screen will display all active FASTag accounts linked to your Paytm number.
  4. Access Help & Support: Scroll to the bottom of the page and tap on ‘Help & Support.’
  5. Initiate Closure Request: Tap on ‘Need help with non-order related queries?’ and select ‘Queries related to updating FASTag profile.’
  6. Select Closure Option: Choose ‘I want to close my FASTag’ and follow the steps provided.

See Also: Microsoft’s Puneet Chandok Thinks India Will Lead In Global AI Revolution Ahead Of Satya Nadella’s Visit

Alternative Methods to Close FASTag: Depending on your FASTag issuer, you may have alternative methods to close your account:

  1. Call Customer Service:
    • For NHAI FASTag users, contact NHAI Customer Service at 1033 to initiate the closure request.
  2. Use Mobile App:
    • Log in to the mobile application of your FASTag issuing bank or Paytm prepaid wallet to follow the closure procedures.
  3. Online Portal:
    • Access the login portal of your FASTag issuing bank to terminate your FASTag account.

FASTag is an electronic toll collection system mandated by the government for all four-wheeler vehicles. It utilises Radio Frequency Identification (RFID) technology for seamless payments at toll booths using prepaid wallets.

Make sure you stay up to date on any changes to the RBI directive on Paytm and its impact on FASTag users.

Read Next: Budget 2024 Live Updates: Nirmala Sitharaman’s Interim Budget Speech Starts At 11:00

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: GovernmentRegulationsEducationGeneralPaytm