Key Highlights
- Paytm Payments Bank crisis affects linked-FasTags
- NHAI issues new list of associated banks for Fastags
- Deadline to be expanded till March 15
Paytm Payments Bank crisis is hitting the brand as well as its customers hard ever since RBI imposed a ban on its services. The associated services with it such as the Fastag is also taking a toll with RBI’s stringent action on Paytm Payments Bank. NHAI has ruled out a new guideline where it has confirmed that Paytm Fastags will be invalid going forward and customers will have to get a new Fastag from a different bank. As many as 32 banks will now be valid for Fastag services in India. But what can you do if you own a Paytm Fastag and how can replace and get a new one. Read on the steps below:
Paytm Fastags Banned?
Yes, Paytm Fastags will now be inoperable for toll collection at NHAI-authorized toll plazas across state highways in India. This directive comes from NHAI itslef which confirms the Paytm Payments Bank have been removed from this list of authorized Fastag service provides.
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Deadline For Paytm Fastag
Now, the list includes only 32 banks that will be offering Fastag services to the consumers. As for the deadline, previously it was set for February 29, 2024. However, the deadline has been extended till March 15, 2024 now. After this, no more Paytm Fastag will be active for the users.
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Is Deactivating Paytm Fastag Necessary?
Yes, deactivating an existing Fastag linked with Paytm is a must process. This is to ensure there are no dual Fastags issued for a same vehicle and also there are no impact with the services. The government is already promoting “One vehicle one Fastag” initiative and deactivating an inactive Fastag comes as an integral part of it.
Also, KYC will not be done if the customer fails to deactivate the existing Paytm Fastag. This confirmation comes from RBI itself. So, in order to purchase and activate a new Fastag, one has to select from the list of 32 authenticated banks.
