RBI on Wednesday took a serious motion towards the Paytm Funds Financial institution (PPBL) directing the corporate to cease accepting deposits or top-ups in any buyer accounts together with wallets and FASTags and different devices after February 29. The motion by RBI comes after a system audit report and subsequent compliance validation report of exterior auditors.
The RBI’s transfer primarily targets Paytm’s banking operations, permitting clients to nonetheless make the most of Paytm for digital funds so long as their account stays related to an exterior financial institution.
In an announcement concerning the motion taken, RBI stated, “No additional deposits or credit score transactions or top-ups shall be allowed in any buyer accounts, pay as you go devices, wallets, FASTags, NCMC playing cards, and so forth. after February 29, 2024, apart from any curiosity, cashbacks, or refunds which can be credited anytime,”
This is a take a look at what customers ought to do in case they personal a Paytm FASTag.
What’s FASTag?
Authorities necessities mandate having a FASTag on the windshield of all of your four-wheeler autos. FASTag is an digital toll assortment system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) expertise for making funds on the toll cubicles utilizing pay as you go wallets.
What occurs to your Paytm FASTag after February 28?
RBI has allowed Paytm FASTag clients to extinguish their balances however they can not load these devices with extra money ranging from March 1.
How you can deactivate your Paytm FASTag?
1) Obtain the Paytm app in your cell system and log in by means of your current credentials.
2) Sort ‘FASTag’ within the search bar after which faucet on ‘Handle FASTag’ below the ‘Companies’ part
3) You can be taken to a display displaying all of the lively FASTag accounts linked to your Paytm quantity
4) Navigate to the underside of the web page and click on on ‘Assist & Help’
5) Now faucet on ‘Need assistance with non-order associated queries?’ and choose the ‘Queries associated to updating FASTag profile’ possibility.
6) You must now see a ‘I need to shut my FASTag’ possibility, Click on on it and observe the following steps.
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Revealed: 01 Feb 2024, 08:47 AM IST
