As per the Reserve Bank of India (RBI) order, after March 15, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank. The total number of FASTags issued in India is estimated at 7 crore, out of this over 2 crore have been issued by Paytm Payments Bank. This means, nearly one in every three FASTag users in the country have been impacted by the RBI’s action.
Yes, you can continue to use your Paytm FASTag to pay the toll up to the available balance. But you won’t be able to top-up or recharge. This means, if there is low or no balance, your FASTag will stop working.
No. So far there is no porting facility in FASTag. This means you cannot transfer the existing FASTag from Paytm Payments Bank to any other bank.
Credit balance transfer feature is also not available in the FASTag product. So the only option you have is to either utilise that balance or close your FASTag and request Paytm Payments Bank for refund.
You can do it either by calling a toll free number or via Paytm App. Paytm FASTag toll free number is 1800-120-4210. When you call, you will be required to provide your mobile number registered with the FASTag and Vehicle Registration Number (VRN) or Tag ID.
You can also make the closure request through Paytm App. In the ‘services section’ of the Paytm app there is ‘Manage FASTag’ option. There you get an option for ‘close FASTag’. It will ask you to select a reason for closing your FASTag. Select the relevant option and click on close FASTag.
It takes at least 5-7 working days to close your FASTag. When you do the process through the Paytm app, it will display the message: “Your FASTag will be closed within 5-7 working days. Security deposit and minimum balance maintained will be refunded to your Paytm Payments Bank wallet.”
Once you make the closure request, your FASTag becomes inactive. “Kindly remove the FASTag from your vehicle and destroy it. It is recommended to upload the destroyed FASTag image,” Paytm will display this message when you submit your closure request.
FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion. It is governed by National Highway Authority of India (NHAI) and National Payment Corporation Of India (NPCI) and operated by authorised banks and financial institutions. The NHAI recently removed Paytm Payments Bank from its roster of approved banks for FASTag services. The fresh list of authorised banks issued by NHAI recently includes 39 banks and financial institutions.