After the Reserve Bank of India (RBI) has put a curb on the Paytm Payments Bank, and asked it to close its operations, one of the concerns that has been abruptly coming out is over the FASTags.
On January 31, the central bank ordered Paytm Payments Bank to stop accepting any fresh deposits in its account, or popular wallet, from February 29. The deadline which has now been extended to March 15.
Amid the various speculations over the future and operability of the FASTags, here are the answers to some of the key questions:
Will FASTag linked through Paytm Payments Bank work post March 15?
The central bank has specifically mentioned that the users can continue to use the 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.
After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.
How to de-activate the existing FASTag?
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.
Amid the ongoing crisis, the RBI has itself suggested that to procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
Before that, users need to deactivate their existing FASTag with the Paytm Payments Bank. In order to do so, dial 1800-120-4210 and provide your registered mobile number and the Vehicle Registration Number (VRN) or the Tag ID.
There you will be connected to the support staff who will help you in the deactivation process.
Another way to deactivate the FASTag is by opening the Paytm app and tap on the profile icon.
Select “Help & Support” and navigate to “Banking Services & Payments” > “FASTag.”
Click on “Chat with us” and request the executive to deactivate your account.
How to buy and activate new FASTag?
Once you deactivate your existing FASTag linked with the Paytm Payments Bank, you can apply for a new one for your vehicle.
You need to download the My FASTag app from Google Play Store or Apple App Store and click on Buy FASTag to access the e-commerce link.
Purchase the FASTag, and it will be delivered to your address.
Once you receive your new FASTag, you will need to activate it.
Open the My FASTag app and click on Activate FASTag option.
Now, select either Amazon or Flipkart, and enter the FASTag ID or scan the QR code.
Input your vehicle details and your new FASTag will be activated.