Any interest, cashback, or refunds may be returned to customers at any time

Indian Highways Management Company Ltd (IHMCL), toll collecting arm of NHAI, has advised commuters to buy FASTags from 32 authorised banks except Paytm Payments Bank for hassle-free travel. It may be recalled that the Reserve Bank of India on January 31 directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.

In the meanwhile, any interest, cashback, or refunds may be returned to customers at any time. “No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashback, or refunds which may be credited anytime,” the RBI said.

RBI stated that the regulatory action was against the Paytm Payment Bank Ltd and that the Paytm App won't be impacted. Soon after this announcement, there were several queries about the use of Paytm FASTag by highway users. Notably, the existing Paytm FASTags with a balance on February 29, 2024, may work until the balance is depleted but no further transactions or top-ups would be allowed. 

Is Paytm FASTag Closed?

IHMCL has advised highway users to buy FASTags from 32 authorised banks except Paytm Payments Bank. Earlier, IHMCL on January 19, 2024, had barred Paytm Payments Bank from issuing fresh FASTags. 

Is Paytm FASTag Still Working?

Customers can use the balance from other accounts, including savings bank accounts, current accounts, prepaid products, FASTag and National Common Mobility Card, until the balance is available. However, they cannot load these wallets with more money after February 29.

How To Cancel Paytm FASTag?

You can deactivate Paytm FASTag but cannot reactivate the same FASTag again. Follow the steps given below;

1. Login to the FASTag Paytm Portal. Enter the user ID, wallet ID and password.
2. Enter the FASTag number, registered mobile number and many other details for verification 
3. Click on the Help & Support.
4. Tap on ‘Need Help With Non-Order Related Queries?’ 
5. Select Queries Related to Updating FASTag Profile.
6. Select the option I "Want to Close My FASTag" and follow further steps.