A frequently asked questions (FAQ) about how to receive a refund of security and minimum balance for FASTag accounts was released by Paytm Payments Bank Ltd (PPBL) on March 15. The last day for users to contribute money to their balance or top it up is March 15. Customers may utilize their existing balance to pay for tolls even after March 15th, according to the Reserve Bank of India.
The same idea has also been stated in the Paytm Payments Bank FAQ. Customers can continue to use FASTag to pay at parking and toll-enabled merchants up to the amount in their wallet, per the FAQ.
After March 15, 2024, the Reserve Bank of India (RBI) will no longer permit credit transactions or new deposits at Paytm Payments Bank. To the extent that your wallet has money remaining, you may still use your FASTag to make payments at enabled parking and toll retailers. Furthermore, after March 15, 2024, no additional funding or top-ups will be permitted in the FASTags issued by Paytm Payments Bank. To prevent any hassle, it is advised that you obtain a new FASTag from a different bank by March 15, 2024. Your current balances are unaffected by the mandate, and your funds are secure with our bank.
The Paytm Payments Bank was prohibited by the central bank from taking new deposits or top-ups on January 31. The deadline was originally set for February 29, 2024. Subsequently, the deadline was moved up to March 15, 2024, by 15 days.
The bank further stated that from March 15, clients are unable to add new money or top-ups to their Paytm Payments Bank FASTags.
A series of Frequently Asked Questions (FAQs) had been released by the RBI, outlining the changes to the services and what users need to know after the deadline. This is a brief list of services that will be offered after March 15 and which won't.
The RBI stated the following about FASTag accounts: "You can keep using your FASTag to pay toll up to the available balance. But after March 15, 2024, no additional money or top-ups will be permitted in the FASTags issued by Paytm Payments Bank."
RBI stated on FASTag recharge: "No. You won't be able to add money to or recharge your FASTag issued by Paytm Payments Bank after March 15, 2024."
