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Amidst the ongoing crisis of Paytm Payments Bank, the Reserve Bank on Friday issued the much-awaited FAQ. In the FAQ, the Reserve Bank tried to answer the questions arising in the minds of people regarding various services of Paytm Payments Bank. Along with this, all the questions of crores of people using Paytm Fastag have also been answered.
Actually, Paytm Fastag is issued by Paytm Payments Bank, on which the Reserve Bank has taken action last month. Taking action on January 31, the Reserve Bank had said that money cannot be added to Paytm Payments Bank or Wallet after February 29. Since Paytm works by linking to Fastag wallet, there was a ban on recharging it after February 29. Now the Reserve Bank has given some relief to the users and they have got additional time of few days.
How much relief did RBI give?
The deadline for crediting money or recharging Fastag (adding money to wallet) in Paytm Payments Bank has now been extended from 29th February to 15th March. This means that Paytm Fastag users can use their Fastag in the same way as they have always been doing till March 15. However, after March 15, things will not be the same.
Will you be able to use it after March 15?
Before the action of RBI, about 2 crore people were using Paytm Fastag. According to the FAQ of the Reserve Bank, now those users will not be able to recharge their Paytm Fastag after March 15. Yes, if they already have money in their Fastag, they can use the remaining money even after March 15. The Reserve Bank’s ban is not on the use of Fastag, but on recharging it.
Will Paytm Fastag balance be transferred?
A big question in the minds of people was whether they can transfer the money (balance) in their Paytm Fastag to the Fastag issued by any other bank, then the Reserve Bank has said that this is not possible. . According to RBI, currently there is no facility to transfer balance/money in Fastag product. In such a situation, users cannot transfer their Paytm Fastag balance to any other Fastag.
How will the remaining balance be refunded?
People also wanted to know again and again that if they want to use some other Fastag after the restrictions, then what will happen to their old Paytm Fastag and will they get the money back for the remaining balance? Regarding this, it has been told in the FAQ of the Reserve Bank that users will have to contact their bank (in this case Paytm Payments Bank). First of all they have to close their old Paytm Fastag. After that they can request a refund from the bank.
- How to close your Paytm Fastag?
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
Click on ‘Need help with non-order related queries?’
Open the option ‘Queries related to updating FASTag profile’
Click on ‘I want to close my FASTag’
Then follow the instructions
You will have to switch in any case
Earlier, Indian Highways Management Company (IHMCL), the electronic tolling unit of the National Highways Authority of India (NHAI), had also shared an important update. IHMCL has released the list of 32 banks from where users can buy Fastag for themselves. The name of Paytm Payments Bank is not included in the list of banks providing Fastag. This makes it clear that users using Paytm Fastag will eventually have to switch their provider bank.
