Navigating Regulatory Hurdles: How to Manage Your Paytm FASTag Amid RBI Constraints

In recent times, the Paytm FASTag, a widely used solution for cashless toll payments, has faced challenges stemming from regulatory constraints imposed by the Reserve Bank of India (RBI), affecting various Paytm services. This situation has sparked concerns among numerous users about the status of their Paytm FASTag wallet balance and the overall viability of the service.

For users considering their options, understanding the process of deactivating or transferring a FASTag to another bank is crucial. Here’s a comprehensive guide:

Deactivation:

1. Log In: Log in to the FASTag Paytm portal using your user ID or wallet ID along with your password.
2. Provide Details:Provide necessary details, including your FASTag number and registered mobile number for verification.
3. Service Request:Navigate to the Service Request section or use the 24*7 help section on your Paytm app, selecting ‘The FASTag’ category.
4. Declare Intent:Clearly declare your intent to deactivate your FASTag and follow the provided procedures. Additional information may be required for processing.
5. Create Request:Initiate the creation of a service request and note the complaint or reference number for future reference. Follow up if confirmation is not received within the specified timeframe.
6. Closure Request:Choose “Closure Request” as the request type. Once deactivated, the same FASTag cannot be reactivated.

Porting:

1. Contact New Bank:Contact the customer care department of the new bank, following their instructions. This may include filling out an application form, submitting required documentation, and paying a porting charge.
2. Confirmation:Your new bank will send a confirmation message after approving your porting request. You can then use your FASTag with your new bank account.

Before taking any action, note that Paytm’s parent firm, One97 Communications (OCL), has assured users that RBI limitations would not affect deposits in savings accounts, wallets, FASTags, or NCMC accounts. These balances remain accessible for use. Paytm is actively working with regulators for compliance and timely issue resolution.

In a statement, Paytm mentioned, “OCL and PPSL will transfer the nodal to other banks during this time,” outlining plans to collaborate with other banks for a variety of payment options.

If uncertain about your Paytm FASTag wallet balance, it’s advisable to verify it before deciding whether to deactivate or transfer your FASTag.