{"id":239392,"date":"2024-02-01T08:55:04","date_gmt":"2024-02-01T03:25:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/paytm-fastag-to-stop-working-after-february-29-heres-what-you-shoud-do-after-latest-rbi-action-crypto-news\/"},"modified":"2024-02-01T08:55:07","modified_gmt":"2024-02-01T03:25:07","slug":"paytm-fastag-to-stop-working-after-february-29-heres-what-you-shoud-do-after-latest-rbi-action-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/paytm-fastag-to-stop-working-after-february-29-heres-what-you-shoud-do-after-latest-rbi-action-crypto-news\/","title":{"rendered":"Paytm FASTag to stop working after February 29? Here’s what you shoud do after latest RBI action – Crypto News"},"content":{"rendered":"

<\/p>\n

\n
\n

RBI on Wednesday took a major action against the Paytm Payments Bank (PPBL) directing the company to stop accepting deposits or top-ups in any customer accounts including wallets and FASTags and other instruments after February 29. The action by RBI comes after a system audit report and subsequent compliance validation report of external auditors.<\/p>\n<\/p><\/div>\n

\n

Also Read | Are you a Paytm Payments Bank customer? Here\u2019s what you should know about RBI order against company<\/a><\/p>\n

The RBI’s move primarily targets Paytm’s banking operations, allowing customers to still utilize Paytm for digital payments as long as their account remains connected to an external bank.<\/p>\n

In a statement about the action taken, RBI said, \u201cNo 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, cashbacks, or refunds which may be credited anytime,”<\/p>\n

Here’s a look at what users should do in case they own a Paytm FASTag.<\/p>\n

What is FASTag?\u00a0<\/h2>\n

Government requirements mandate having a FASTag on the windshield of all your four-wheeler vehicles. FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making payments at the toll booths using prepaid wallets.<\/p>\n

Also Read | Paytm to comply with RBI’s directions, expects \u20b9<\/span>300-500 crores impact on EBITDA<\/a><\/p>\n

What happens to your Paytm FASTag after February 28?\u00a0<\/h2>\n

RBI has allowed Paytm FASTag customers to extinguish their balances but they cannot load these instruments with more money starting from March 1.<\/p>\n

How to deactivate your Paytm FASTag?\u00a0<\/h2>\n

1) Download the Paytm app on your mobile device and log in through your existing credentials.\u00a0<\/p>\n

2) Type \u2018FASTag\u2019 in the search bar and then tap on \u2018Manage FASTag\u2019 under the \u2018Services\u2019 section<\/p>\n

3) You will be taken to a screen displaying all the active FASTag accounts linked to your Paytm number<\/p>\n

4) Navigate to the bottom of the page and click on \u2018Help & Support\u2019<\/p>\n

5) Now tap on \u2018Need help with non-order related queries?\u2019 and select the \u2018Queries related to updating FASTag profile\u2019 option.\u00a0<\/p>\n

6) You should now see a \u2018I want to close my FASTag\u2019 option, Click on it and follow the ensuing steps.\u00a0<\/p>\n

\u00a0<\/p>\n

\t<\/p>\n

Milestone Alert!<\/strong>
\nLivemint tops charts as the fastest growing news website in the world \ud83c\udf0f<\/span> Click here<\/strong><\/a> to know more.\n<\/p>\n

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed \u2013 it’s all here, just a click away! Login Now!<\/strong><\/a>\n<\/p>\n