Following a recent notice from the Reserve Bank of India, the Paytm Payments Bank Account and Wallets are currently under a strict embargo forbidding the induction of new funds or the execution of credit transactions. This embargo, originally set to expire on 29 February 2024, was further extended to 15th March 2024.
Following this date, clients will no longer be able to perform any deposits or credit transactions, nor will they be able to recharge or withdraw funds from any customer accounts, prepaid cards, wallets, FASTags, or any National Common Mobility Card (NCMC) as mandated by the RBI’s guidelines.
Paytm FASTag: Will it work after 15th March?
Your FASTag will continue to function for toll payments as long as the funds are there. However, after 15th March 2024, FASTags provided by Paytm Payments Bank will no longer be valid for top-ups or financing.
The FASTag product does not support the feature of transferring credit balances. As such, you’ll need to terminate your old FASTag from Paytm Payments Bank and apply for a refund from the bank. Post 15th March 2024, recharging or topping up your FASTag from Paytm Payments Bank will not be possible.
So, to prevent any hassle, it is advised to close your Paytm FASTag and obtain a new FASTag from a different bank prior to the 15th Match 2024.
How to close Paytm FASTag?
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