March 15 is the last day after which customers won’t be able to top up or add to their balance. The Reserve Bank of India has said that the customers can continue to use their current balance for toll payments even after March 15.
Paytm Payments Bank Ltd (PPBL) on March 15 issued an FAQ for its customers on how to get a refund of security and minimum balance of FASTag accounts. March 15 is the last day after which customers won’t be able to top up or add to their balance. The Reserve Bank of India has said that the customers can continue to use their current balance for toll payments even after March 15.
The Paytm Payments Bank FAQ has also said the same thing. According to the FAQ, customers can continue to use FASTag to pay at enabled toll and parking merchants up to the available balance in their wallet.
“The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to use your FASTag to pay at enabled toll and parking merchants’ up to the available balance in your wallet. Additionally, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience. The directive does not impact your existing balances and your money is safe with our Bank.”
On January 31, the central bank barred Paytm Payments Bank from accepting fresh deposits or top-ups. Initially, it had fixed the deadline for February 29, 2024. Later, the deadline was extended by 15 days to March 15, 2024.
The bank added that the customers cannot add fresh funds or top-ups in the FASTags issued by Paytm Payments Bank after March 15.
The RBI had published a set of Frequently Asked Questions (FAQs), mentioning the alterations in services and what customers should be cognisant of post the stipulated date. Here’s a quick look at services will continue and those which won’t after March 15.
Regarding FASTag accounts, the RBI said: “You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024.”
On FASTag recharge, RBI said: “No. After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.”
