NHAI Advices Paytm FASTag Users To Switch To Another Bank By March 15: Check Out All The Details Here

The National Highways Authority of India (NHAI) advises all Paytm FASTag users to switch to a new FASTag from another bank before 15th March 2024. This is to ensure smooth transport across the country and to prevent any inconvenience at toll plazas.

FASTag is a toll payment system that automatically scans and takes payments from commuters, working at more than 750 toll plazas all over the country. The RFID tag on the vehicle's windshield connects to the user's account, making toll payments easier on national and state highways.

Following the recent guidelines issued by the Reserve Bank of India (RBI) concerning restrictions on Paytm Payments Bank, an official statement released on Wednesday, failing to switch to a new FASTag from a different bank may result in penalties or double fee charges while through toll roads.

RBI has banned Paytm Payment Bank from bringing on new customers and accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags, and NCMC cards. However, there is no indication of Paytm closing operations in India.

RBI has banned Paytm Payment Bank from onboarding new customers and accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags, NCMC cards and features related to Paytm Payment Bank Accounts from the 15th of March 2024. However, there is no news of Paytm planning on closing operations in India.

As per the statement, Paytm FASTag users will be able to use the existing balance to pay tolls but will no longer have the option to recharge or top-up their balance after 15 March, 2024.

NHAI stated how important it is for Paytm FASTag users to reach out to their respective banks for assistance as soon as possible or refer to the FAQs provided on the IHMCL (Indian Highway Management Company Limited) website for further guidance.