New Delhi: As per the guidelines issued by the Reserve Bank of India (RBI) regarding restrictions on Paytm Payments Bank, users of Paytm FASTag will not be able to top up or add to their balance. However, they can continue to use their current balance for toll payments even after March 15.
Steps to Close Paytm Payments Bank FASTag:
People can first open the Paytm App and search for ‘Manage FASTag’ in the search menu. The Manage FASTag section will list all the vehicles linked to Paytm Payments Bank FASTag.
After that, people will be required to choose the ‘Close FASTag option’ on the top right section of the page then select the vehicle for which they want to close the FASTag.
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On clicking Proceed a confirmation message will appear on the screen. The FASTag will be closed within 5-7 working days.
As per the company, the applicable security deposit and minimum balance maintained for PPBL FASTag will be refunded to the Paytm Payments Bank Wallet post-closure.
On Friday, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), the parent company of Paytm, to participate in Unified Payments Interface (UPI) as a third-party application provider under multi-bank model. Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) will act as Payment System Provider (PSP) banks to OCL.
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