Paytm Fastag rbi

RBI provides consumers with FAQs regarding the use of Paytm FASTag for toll payment.

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The Reserve Bank of India (RBI) has clarified that FASTags can be used to pay up to the available balance in its frequently asked questions (FAQs).

The RBI has advised highway users to buy FASTags from 32 authorised banks, including Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, for hassle-free travel, allowing users to continue using FASTags up to the available balance.

After March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank

The RBI has advised Paytm Payments Bank Ltd (PPBL) customers and merchants to transfer their accounts to other banks by March 15, allowing 15 more days for closure of operations.

The RBI has provided answers to frequently asked questions regarding Paytm FASTag, highlighting the importance of the Reserve Bank in regulating financial transactions.

Toll Payment Transitions and Account Transitions

• FASTags can be used for toll payments up to the available balance.
• After March 15, 2024, top-up or recharge of FASTags issued by Paytm Payments Bank (PPBL) will be unavailable.
• To avoid inconvenience, a new FASTag issued by another bank is recommended before the specified date.
• RBI advises PPBL customers and merchants to shift their accounts to other banks by March 15, 2024.
• Indian Highways Management Company Ltd recommends purchasing FASTags from 32 authorized banks (excluding Paytm Payments Bank) for hassle-free travel.
• Despite using existing FASTags, a new one from another bank is recommended for seamless toll payment beyond March 15, 2024.

 

I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024 ?

Paytm FASTag Usage Post-March 15, 2024
• Existing FASTag can be used for tolls up to available balance.
• Top-up or recharge of FASTag by Paytm Payments Bank (PPBL) not possible beyond March 15.
• New FASTag from another bank recommended before deadline.

I have a FASTag issued by Paytm Payments Bank. Can I recharge the balance after March 15, 2024 ?

• Not possible to top-up or recharge after March 15, 2024.
• Recommends procuring a new FASTag from another bank.

I have a new FASTag that I got from another bank; can I transfer the amount from my previous FASTag that was issued by Paytm Payments Bank ?

The RBI has stated that the FASTag product, issued by Paytm Payments Bank, does not offer a credit balance transfer feature, requiring customers to close their old FASTag and request a refund. The bank also allowed customers to withdraw or use balances from their accounts, including FASTags, up to their available balance beyond March 15.

IHMCL on FASTag KYC

FASTag KYC Overview

• FASTag is a smart solution for seamless travel on national highways, enabling automatic deduction of toll charges.
• KYC (Know Your Customer) is essential for FASTag users.
• To check your FASTag KYC status, visit the IHMCL FASTag portal at fastag.ihmcl.com.
• Log in using your registered mobile number for OTP.
• View your KYC status and profile details in the dashboard’s “My Profile” section.
• You can also perform these actions on your bank’s website.
• If your FASTag KYC is incomplete, you will receive notifications.
• Ensure all submitted documents are valid and match the information provided during KYC updation and customer registration.
• Keeping your FASTag KYC up-to-date ensures uninterrupted services and hassle-free highway travel.

What is the validity of FASTag?

A FASTag remains valid for 5 years from the date of issuance. During this period, you can conveniently drive through toll plazas without stopping for cash transactions. However, it’s essential to recharge or top up your FASTag based on your usage to ensure uninterrupted services.

How do I recharge my FASTag balance?

Certainly! Recharging your FASTag balance is a straightforward process. You can do it online using various methods:

  1. Bank Web Portals:
  • If you have a FASTag issued by a bank, visit the respective bank’s web portal.
  • Log in using your user credentials.
  • Recharge your FASTag wallet via net banking, UPI, or debit/credit card1
  1. Specific Bank Apps:
    • Here are the steps for some specific banks:
  • IDBI Bank:
  1. Log in to the IDBI Go Mobile+ app.
  2. Go to Request and choose FASTag.
  3. Click on Recharge, enter your vehicle number, the desired amount, and the OTP or soft token2.
  • ICICI Bank:
  1. Use IMPS or UPI for quick recharge.
  2. Add your FASTag account as a beneficiary in your bank account.
  3. Log in to your bank’s Net Banking or Mobile Banking App, select the IMPS option, and enter your FASTag account number along with the bank’s issuer code.
  • Axis Bank:
  1. Access your internet banking or mobile banking application.
  2. Add your vehicle as a recipient using the FASTag wallet ID or vehicle number.

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