RBI Issues FAQs on Paytm FASTag Usage for Toll Payments
The Reserve Bank of India (RBI) has recently issued Frequently Asked Questions (FAQs) regarding the use of Paytm FASTags for toll payments, reassuring users about its continued validity up to the available balance. Amidst concerns surrounding Paytm Payments Bank (PPBL), the RBI has clarified key points to address customer queries.
According to the RBI FAQs, users can still utilize their Paytm FASTags to pay tolls until March 15, 2024, as long as there is a balance available. However, after this date, no further funding or top-ups will be permitted for FASTags issued by Paytm Payments Bank. The RBI recommends users procure a new FASTag from another bank before the deadline to avoid inconvenience.
Additionally, customers will not be able to recharge their Paytm FASTags after March 15, 2024. The FAQs also state that a balance transfer between old Paytm FASTags and new ones is not possible, necessitating the closure of the old account and refund requests from the bank.
However, the RBI assures that Paytm Payments Bank customers can withdraw or utilize their balances without any restrictions, including savings accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, even after March 15, 2024.
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In light of these developments, the Indian Highways Management Company Ltd (IHMCL) has advised highway users to obtain FASTags from 32 authorized banks, excluding Paytm Payments Bank, for seamless travel experiences. These authorized banks include prominent names such as State Bank of India, HDFC Bank, ICICI Bank, and others.
FASTag, an electronic toll collection system operated by the National Highways Authority of India (NHAI), uses Radio Frequency Identification (RFID) technology for toll payments directly linked to users’ bank accounts. IHMCL also encourages FASTag users to complete the Know Your Customer (KYC) process as per RBI guidelines.
The list of authorized banks for issuing FASTags includes various national and cooperative banks, ensuring accessibility for users across different regions of the country. With these measures and clarifications, the RBI aims to alleviate concerns and ensure smooth transitions for users of Paytm FASTags.