The Reserve Bank of India (RBI) has confirmed that it is unlikely to review its action against PayTm Payments Bank, signaling the end of the road for its FASTags. The central bank had previously directed PayTm to cease accepting fresh deposits in its accounts, and this directive will come into effect on February 29. This decision is a result of PayTm’s persistent non-compliance with the RBI’s guidelines.
As a result of this, PayTm FASTag owners will need to issue new tags from other banks, as the last chance to overturn the RBI’s order against PayTm Payments Bank has now passed. The payments bank subsidiary of One 97 Communications is also responsible for issuing FASTags to vehicle owners.
RBI Governor Shaktikanta Das has stated that the central bank has very little room to review its order due to PayTm’s continuous non-compliance. This means that PayTm FASTag users will not be able to add money to their wallets after the February 29 deadline. However, it has been clarified that PayTm FASTags will continue to work as long as they have sufficient balance and complete their KYC.
The National Highways Authority of India (NHAI) has set a deadline for the completion of KYC details for FASTag accounts, with incomplete accounts set to be deactivated after the deadline. The NHAI’s “One Vehicle, One FASTag” initiative aims to discourage the use of the same FASTag for multiple vehicles, with the deadline for completing KYC being February 29.
In response to this development, here are the answers to some frequently asked questions regarding PayTm FASTags and their future:
– Will PayTm FASTags work after February 29? Yes, for those with sufficient balance. However, users will not be able to recharge PayTm FASTags after the deadline.
– Can you port PayTm FASTag to other approved banks? No, FASTags cannot be ported from one bank to another.
– Should you buy FASTag from other banks to continue enjoying the service? Chances are slim that PayTm FASTags will work after the deadline, so it is better to buy another FASTag from a different bank.
– How to apply for a fresh FASTag? This can be done easily through online banking, with 23 banks registered to issue FASTags.
– Can you use PayTm to recharge FASTags by other banks? It depends on how PayTm modifies its app, but other third-party apps can also be used for recharging.
The future of PayTm FASTags seems uncertain after the recent developments, and users will need to make necessary arrangements to ensure continued use.
