According to the Reserve Bank of India’s frequently asked questions (FAQs), individuals can still utilize FASTags for toll payments until the existing balance is exhausted.
The toll collection arm of the National Highways Authority of India (NHAI), the Indian Highways Management Company Ltd (IHMCL), has recommended highway users purchase FASTags from 32 authorized banks excluding Paytm Payments Bank (PPBL) for a smoother travel experience. The list of 32 authorized banks encompasses Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, Yes Bank, and others.
On Friday, the Reserve Bank of India (RBI) clarified in its frequently asked questions (FAQs) that individuals can still utilize FASTags to cover toll charges as long as there is a sufficient balance available.
The Reserve Bank of India (RBI) has recommended that both customers and merchants associated with Paytm Payments Bank Ltd (PPBL) transfer their accounts to alternative banks by March 15. This extension provides an additional 15 days for the troubled entity to conclude the majority of its operations, encompassing deposit and credit transactions.
The Reserve Bank of India (RBI) has released a compilation of 30 frequently asked questions (FAQs) to assist Paytm Payments Bank Ltd (PPBL) customers and the wider public.
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The Reserve Bank Of India (RBI) FAQs on FASTag issued by Paytm Payments Bank
Is it permissible to use the FASTag issued by Paytm Payments Bank for toll payments after March 15, 2024?
Certainly. You have the option to utilize your existing FAASTag for toll payments as long as there is a balance available. Nevertheless, post-March 15, 2024, no additional funding or top-ups will be permitted for FASTags issued by Paytm Payments Bank. To prevent any inconvenience, it is advisable to obtain a new one issued by a different bank before the specified date.
Can I recharge the FASTag issued by Paytm Payments Bank after March 15, 2024?
Certainly. Beyond March 15, 2024, you won’t have the option to add funds or recharge. To prevent any inconvenience, it is advisable to obtain a new one from a different bank before the mentioned date.
Is it possible to transfer the remaining balance from my existing FASTag issued by Paytm Payments Bank to a new one acquired from another bank?
The option to transfer the credit balance from one to another is not supported by the FASTag product. Consequently, individuals are required to close their existing FASTag issued by Paytm Payments Bank and approach the bank for a refund.
The RBI has also clarified that Paytm Payments Bank customers can withdraw or utilize balances from their accounts, encompassing savings accounts, current accounts, prepaid instruments, National Common Mobility Cards, without any limitations. This allowance extends beyond March 15, up to the available balance.
IHMCL on FASTag KYC
IHMCL is actively encouraging users to fulfill the ‘Know Your Customer’ (KYC) process for their latest FASTags, following RBI guidelines.
The list of authorized banks for issuing FASTags includes South Indian Bank, Saraswat Bank, Union Bank of India, Thrissur District Cooperative Bank, Nagpur Nagrik Sahkari Bank, Karur Vyasya Bank, Kotak Mahindra Bank, J&K Bank, IndusInd Bank, Indian Bank, Equitable Small Finance Bank, IDFC First Bank, FINO Bank, Cosmos Bank, City Union Bank Ltd, Bank of Maharashtra, Central Bank of India, Canara Bank, AU Small Finance Bank, and Axis Bank.
What is FASTag?
An electronic toll collection system in India managed by the NHAI, utilizing Radio Frequency Identification (RFID) technology to facilitate toll payments directly from the connected bank accounts.
RBI Clarifies Use of FAASTags Beyond March 15, 2024, | Video Watch Now