What will happen to Paytm FASTag?: After the latest action of Reserve Bank of India on Paytm, many of its services are going to be affected, including Fastag…
It is making headlines after the action taken by the Reserve Bank against Paytm two days ago. The Reserve Bank has taken action against Paytm Payments Bank due to some irregularities. Paytm Payments Bank has been barred from adding new customers with immediate effect. Besides, many services of the bank have been banned. This action is also going to affect Paytm Fastag. Let us know what options are left for Paytm Fastag users now…
Action on this subsidiary of Paytm
First of all, let us know what is the action of RBI and which services of Paytm are going to be affected by it. RBI’s action has been taken against Paytm Payments Bank. Paytm’s parent company One97 Communications is a subsidiary of Paytm Payments Bank. This means that this action is going to affect only those services which are being operated under Paytm Payments Bank.
These services are going to be affected
Many services of Paytm like wallet, credit i.e. loan, postpaid, Fastag etc. come under Paytm Payments Bank. In such a situation, these services are going to be affected. The Paytm app will continue to function as the app is operated under parent company One97 Communications. This means that Paytm app will continue to be used as UPI app as before. Wallet users are going to face problems because after February 29, they will not be able to add money to the wallet.
What is Fastag?
Paytm is also providing Fastag service to the drivers. Fastag is mandatory for all four wheelers. It works on radio frequency identification technology. It is pasted on the windshield of vehicles and through this toll is paid at the toll plaza. Due to this, vehicles take less time at the toll plaza. Almost all banks provide Fastag service. Paytm Payments Bank is also one of them.
There is no restriction on use of remaining balance
After the action of RBI, Paytm’s Fastag is not going to be closed or banned. Its only effect will be that after February 29, Paytm Fastag customers will not be able to do a new recharge. Paytm works by linking to Fastag wallet. In such a situation, it will not be possible to do a new recharge, but if there is any old balance left, you can use it even after February 29. Paytm has also tried to allay the worries of customers by giving updates in this regard. Paytm says that customers can use the remaining balance without any interruption. It is working closely with various banks to ensure that customers do not face any problems.
Option to deactivate and port
However, if you no longer want to use Paytm Fastag, you have the option to deactivate or port it. To port, you will have to contact the bank whose Fastag you want to use. The deactivation process is as follows…
Log in to Paytm app
- Go to Manage Fastag option
- Fastag linked to your number will start appearing
- Now go to Help and Support option at the bottom
- ‘Need help with non-order related queries?’ click on
- Open ‘Queries related to updating FASTag profile’ option
- Click on ‘I want to close my FASTag’
- Then follow the instructions
