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On January 31, the Reserve Financial institution directed Paytm Funds Financial institution (PPBL) to cease accepting deposits or top-ups in any buyer accounts, wallets, FASTTags and different devices after February 29. The RBI final week prolonged this date to March 15. RBI has now directed the UPI watchdog, the Nationwide Funds Company of India (NPCI), to look at the request of Paytm mother or father firm One97 Communication Ltd (OCL) to turn into a Third-Celebration Software Supplier (TPAP) for the UPI channel for continued UPI operation of the Paytm app. This additional turns into vital as earlier this month Indian Highways Administration Firm Ltd (IHMCL), toll amassing arm of state-owned NHAI, eliminated Paytm Funds Financial institution from the listing of 32 authorised banks that may promote Fastags. Nonetheless, customers who’ve linked their Paytm account to different banks like ICICI, HDFC, Axis and others needn’t fear.In response to studies quoting NHAI official, India has over 8 crore Fastag customers and Paytm Funds Financial institution (PPBL) has round 30 per cent market share. So what ought to customers with a Fastag account linked to Paytm Funds financial institution do? Choices accessible to Paytm Fastag customers* Eat their Paytm Fastag stability. on the earliest. They will use the stability after March 15 as nicely. Nonetheless, the earlier they devour it, the higher. After March 15, 2024 customers won’t be able to top-up or recharge their Fastags issued by Paytm Funds Financial institution. It’s instructed that you simply procure a brand new Fastag issued by one other financial institution earlier than March 15, 2024 to keep away from any inconvenience.* Search refund of the cash left of their Paytm Fastag account.Can Paytm customers switch the stability from their previous Fastag issued by Paytm Funds Financial institution to a brand new Fastag obtained from one other Financial institution?In response to RBI, credit score stability switch characteristic just isn’t accessible within the Fastag product. Subsequently, customers must shut their previous Fastag issued by Paytm Funds Financial institution and request the financial institution for a refund. It’s identical for Nationwide Widespread Mobility Card (NCMC) issued by Paytm Funds BankHow can Paytm Fastag customers search refundPaytm Fastag customers can name on the corporate’s Toll free quantity: 1800-120-4210 and point out their cell quantity in opposition to which the tag has been registered together with the Car Registration Quantity (VRN) or Tag ID. Customers can even get in contact with Paytm’s buyer assist by the Paytm app. “Our Customer Support agent will get in touch with you to confirm the closure of Fastag,” says the corporate on its web site.

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