Tag: RBI Directive

Highlights RBI halts Paytm Payments Bank operations, affecting FASTag services. Two methods outlined for closing Paytm FASTag accounts. List of authorized NETC FASTag issuers for easy switch. Steps to ensure compliance with FASTag KYC requirements detailed. Unless you are living under a rock, you would know that RBI has directed Paytm Payments Bank to cease its operations and stop onboarding new customers effective from February 29, 2024. Several things are linked with Paytm including one rather important piece of technology ie. Fast Tag. This directive extends to the cessation of services linked to Paytm Wallet and FASTags, pivotal components for many users. Paytm has committed to adhering to this directive and is exploring partnerships with other banks to ensure that Wallet and FASTag services remain uninterrupted for its users. Despite these efforts, the future of these services is yet to be determined. So what can you do? Check out the following steps where you can close your FASTag account and migrate it to a new bank. Initiating Paytm FASTag Account Closure You can continue using the existing balances on your Paytm FASTag. We started our journey of working with other banks over the last two years, which we will now accelerate pic.twitter.com/clsDLVUD1N — Paytm (@Paytm) February 1, 2024 For Paytm FASTag account holders considering account deactivation, the process is user-friendly and can be executed via two primary methods. Via Customer Service Via Customer Service You can call Paytm's dedicated customer service numbers, 01204456456 or 18001204210, to request account closure. Be ready to provide the mobile number and Vehicle Registration Number (VRN) linked to your FASTag. This is a critical step for identity verification. Customer service representatives may ask additional questions to further verify your identity before they proceed with your request to close the FASTag account. Through the Paytm App Through the Paytm App Open the Paytm application on your smartphone and tap the search icon. Enter "FASTag" in the search bar and select "Manage Fastag" found under the Paytm Payments Bank section. Here, you'll see a list of FASTag accounts linked to your Paytm account. Select the account you wish to close. Scroll down to "Help & Support," then to "Need help with non-order-related queries," and finally select "I want to close my FASTag." Choose the relevant FASTag VRN and proceed by clicking on the "Close FASTag" button. Follow the on-screen instructions to confirm the closure. Upon successful initiation of the closure process, Paytm commits to refunding the Rs 250 security deposit along with any remaining balance in the FASTag account to your Paytm Wallet within 5-7 business days. Switching to a New FASTag Provider Switching to a New FASTag Provider Presently, the system doesn't support direct porting from one FASTag provider to another. Consequently, users looking to switch must first deactivate their Paytm FASTag following the steps mentioned above and then engage a new FASTag account with a different provider. Below is a list of authorized NETC FASTag issuers in India, offering alternatives for users seeking new FASTag accounts: Axis Bank Ltd State Bank of India ICICI Bank HDFC Bank Punjab National Bank Bank of Baroda Yes Bank Ltd Kotak Mahindra Bank IndusInd Bank Ltd. IDFC First Bank AU Small Finance Bank Federal Bank IDBI Bank Indian Bank Indian Overseas Bank Jammu and Kashmir Bank Karnataka Bank Karur Vysya Bank City Union Bank Ltd South Indian Bank UCO Bank Union Bank of India Central Bank of India Canara Bank Bank of Maharashtra Saraswat Bank Cosmos Bank Equitas Small Finance Bank Bandhan Bank Nagpur Nagarik Sahakari Bank Dombivli Nagari Sahakari Bank The Jalgaon People Co-op Bank Thrissur District Cooperative Bank (Kerala Bank) LivQuik/QuikWallet FINO Payments Bank Opening a new FASTag account directly with a bank is advisable for enhanced support and easier management. Remember to complete the KYC for your new account promptly, adhering to NHAI's stipulated deadline of February 29, and ensure compliance with the regulation mandating one FASTag per vehicle. Ensuring Compliance with FASTag KYC Requirements Ensuring Compliance with FASTag KYC Requirements To Check FASTag KYC Status Visit the official FASTag portal () and log in using your registered mobile number. Navigate to the "My Profile" section to view your KYC status. To Update FASTag KYC After logging in, select "My Profile," then click on the "KYC" subsection. Fill in the mandatory fields by providing your ID proof and Address proof documents. Agree to the declaration to proceed with the KYC verification process. For Bank-Specific FASTag KYC Updates Visit , select your FASTag issuer bank, and follow the on-site instructions to update your KYC information on the bank's portal. Future of Paytm FASTag Services Future of Paytm FASTag Services In light of the RBI's directives, Paytm Payments Bank assures that existing balances on Paytm FASTags will remain operational past the February deadline. This statement is intended to mitigate concerns regarding immediate impacts on user accounts, including those related to savings, wallets, FASTags, and NCMC accounts. However, as the situation evolves, users are encouraged to stay informed about how to maintain their FASTag accounts, particularly regarding fund replenishments and the overall continuity of FASTag services through Paytm. FAQs What happens to Paytm FASTag after RBI's directive? Following the RBI's instruction, Paytm Payments Bank will cease operations, impacting FASTag services. Users are advised to close their Paytm FASTag accounts and switch to another provider before the February 29, 2024 deadline. How can I close my Paytm FASTag account? You can close your Paytm FASTag account by calling Paytm customer service or through the Paytm app. Follow the steps provided in the app or give the necessary information to customer service to initiate closure. Where can I find a new FASTag provider? A comprehensive list of authorized NETC FASTag issuers is available for users looking to switch from Paytm. Choose a bank from the list and open a new FASTag account with them. What is required to update FASTag KYC? To update your FASTag KYC, visit the official FASTag portal or your new provider's website, log in, and submit the required ID and address proof documents in the "KYC" section under "My Profile." How to steps to close your Paytm FASTag account? Open the Paytm app on your phone and click on the search icon (magnifying lens) on top. Type FASTag in the search bar and click on the Manage Fastag option under the Paytm Payments Bank header. You will see all FASTag accounts associated with the Paytm account. Tap on the ones you want to deactivate on the next page where Management Options are displayed. To close a FASTag account, scroll to the bottom of the page showing all FASTag accounts and click on Help & Support. Scroll to the bottom again and select Need help with non-order-related queries. On the next page, select I want to close my FASTag and select the FASTag VRN. You will see the Close FASTag button on the next page at the bottom, click on it. Permit to open a web browser and select the VRN on the page that opens in the browser. Select the appropriate reason for closing from the list (It will be service-related issues with my FASTag in this case.) Click on Close FASTag. Once you have finished the above steps, Paytm will inform you that the account will be closed in 5-7 business days and the security deposit of Rs 250 along with the FASTag balance will be refunded to the Paytm Wallet. Do remember that once you deactivate your Paytm FASTag account, you cannot reactivate it and will have to open a new account. How to Port From Paytm FASTag? There is currently no system in place to port from one FASTag provider to another. However, Paytm FASTag users can deactivate their accounts using the steps above and open a new FASTag account with their bank. Below is the complete list of the NETC FASTag providers in India. AU Small Finance Bank Axis Bank Ltd Bandhan Bank Bank of Baroda Bank of Maharashtra Canara Bank Central Bank of India City Union Bank Ltd Cosmos Bank Dombivli Nagari Sahakari Bank Equitas Small Finance Bank Federal Bank FINO Payments Bank HDFC Bank ICICI Bank IDBI Bank IDFC First Bank Indian Bank Indian Overseas Bank IndusInd Bank Ltd. Jammu and Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Nagpur Nagarik Sahakari Bank Punjab National Bank Saraswat Bank South Indian Bank State Bank of India The Jalgaon People Co-op Bank Thrissur District Cooperative Bank (Kerala Bank) UCO Bank Union Bank of India Yes Bank Ltd LivQuik/QuikWallet How to check FASTag KYC status? To check your FASTag KYC status: Visit . Log in using your registered mobile number and password, or opt for OTP-based validation. Navigate to the Dashboard Menu, select “My Profile,” and view your KYC status. How to update FASTag KYC? Visit and log in with your registered mobile number and password or OTP. In the Dashboard Menu, choose “My Profile” and click on the ‘KYC’ sub-section. Select “Customer Type” and complete the mandatory fields by submitting the required ID Proof and Address Proof documents. Tick the declaration confirming document authenticity to proceed with the KYC verification process. How to Update KYC for FASTags from Specific Banks? Visit . Under “Request for NETC FASTag,” select your FASTag issuer bank and visit the bank’s website. Log in to the respective FASTag issuer bank. Update KYC online. Note: The KYC takes about 7 working days to get approved. What are the RBI’s restrictions on Paytm Payments Bank? The RBI has prohibited Paytm Payments Bank from onboarding new customers, accepting fresh deposits, and conducting debit or credit transactions through wallets, FASTags, and NCMC cards. How will Paytm’s operations change in response to RBI’s directive? Paytm’s parent company, One97 Communications, announced a strategic shift to work with various banks other than Paytm Payments Bank. This move aims to comply with RBI’s directives while continuing its payment and financial services. What is the impact on Paytm Fastag and NCMC card users? Users of Paytm Fastag are advised to purchase a new tag from other issuers as the existing tags will be deactivated. NCMC card users can use the existing balance but cannot infuse new funds after February 29. Will Paytm UPI services be affected by the RBI’s restrictions? The impact on Paytm UPI services is not entirely clear. UPI transactions linked to external bank accounts might still be operational, but those linked to Paytm Payments Bank might face disruptions. Are mutual fund investments and SIPs via Paytm affected by these restrictions? Mutual fund investments and SIPs via Paytm, managed by Paytm Money regulated by SEBI, are not expected to be affected by the RBI’s action on Paytm Payments Bank. Also Read: Digital Rupee Pilot to be launched by RBI for Retail Use on December 1 Also Read: Will Paytm Stop Working After February 29th? RBI Imposes Restrictions on Paytm Payments Bank: Key Impacts and Responses

Tag: RBI Directive

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