Paytm-Fastag will not be top-up after March 15
National Highway Authority of India i.e. NHAI has advised Paytm FASTag users to buy a new FASTag from any other authorized bank before March 15. NHAI has also released the revised list of banks issuing Fastag.
Now 39 banks and non-banking financial companies (NBFCs) have been included in this list. NHAI had released the list of 32 banks in February. The name of Paytm Payments Bank (PPBL) is not included in the revised list.
Because the Reserve Bank of India (RBI) has ordered Paytm Payment Bank to stop all banking activities after March 15 due to non-compliance of regulatory rules and many other irregularities.
Can be used till March 15
In such a situation, if you have Paytm’s Fastag, then you will be able to use it till March 15. But after this day, if the balance is exhausted, you will have to take a new Fastag. Because, after this day you will not be able to top-up it. According to the rules, if payment is not made through Fastag, double toll has to be paid.
RBI has extended the deadline of 29 February to 15 March
The new list includes the country’s big banks State Bank of India, Axis Bank HDFC Bank, ICICI Bank, Punjab National Bank. On January 31, RBI in its order had ordered PPBL to close all banking services by February 29, which was later revised to March 15.
You can also order a new Fastag online from PhonePe
- Open PhonePe and tap on Buy Fastag here.
- Enter your PAN, vehicle registration number and mobile number and tap Continue.
- In the next page, enter the vehicle registration number and model number and tap Continue.
- Enter your delivery address and tap Continue.
- After this you will have to make payment.
You can take Fastag offline also
Apart from this, you can also take Fastag through bank or Fastag distributor. You can go there and get Fastag by giving the necessary documents and paying the prescribed fee.
Paytm QR, Soundbox and Card Machine will work even after March 15
In February, Paytm had talked about partnership with Axis Bank for settlement of merchant payments. The company issued a press release saying that One97 Communications has transferred its nodal account to Axis Bank and opened an escrow account in that bank.
One97 Communications said that after the transfer of the nodal account to Axis Bank, merchant settlements will continue to happen without any interruption as before. The company and RBI have confirmed that Paytm QR, Soundbox and card machines will continue to work as usual for all merchant partners even after March 15.
