NHAI encourages Paytm FASTag users to switch banks before 15th March deadline
In an effort to streamline travel experiences and avoid potential inconveniences at toll plazas, the National Highways Authority of India (NHAI) has advised Paytm FASTag users to transition to a different bank before 15th March. This move comes in alignment with the Ministry of Road Transport & Highways’ recommendation to prevent fines or duplicate charges while traversing national highways.
Starting 15th March, 2024, Paytm FASTag users will no longer have the option to recharge or add funds to their accounts. Nonetheless, they can continue utilising their existing balances for toll payments beyond this date.
NHAI’s suggestion follows the guidelines set forth by the Reserve Bank of India (RBI) concerning Paytm Payments Bank. The RBI previously advised both customers and merchants of Paytm Payments Bank Ltd (PPBL) to consider transferring their accounts to alternative banks by the same deadline. This action allows PPBL customers the opportunity to withdraw or utilise their balances without any restrictions post 15th March.
To facilitate a smooth transition, Paytm has finalised agreements with Paytm Payments Bank, transferring its nodal account to Axis Bank. This strategic move ensures the continuity of services such as QR codes, Soundbox and Card machines beyond 15th March, 2024, as mandated by a directive from the central bank issued on 31st January.
NHAI recommends that Paytm FASTag users reach out to their respective banks for any inquiries or assistance regarding the transition process. Additionally, users can refer to the FAQs section on the Indian Highways Management Company Limited (IHMCL) website for further guidance, as per the Ministry of Road Transport & Highways (MoRTH).
To deactivate your Paytm FASTag, log in to your Paytm app, search for the FASTag keyword in the app, then go to the ‘Manage FASTag’ option and there you get the option to ‘Close FASTag’. Now apply for a new FASTag from whichever bank you prefer.
