Confused about what happens to your Paytm FASTag? Here’s what you need to know

The RBI has imposed stringent restrictions on Paytm payments bank causing concern among users of Paytm. As per RBI’s directive, users will not be able to top up their wallets or Fastags, or deposit money in their accounts after Feb 29th. However, transfers and withdrawal will be allowed.

In an effort to ease concerns of customers, Paytm has posted a clarification.

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

So what does this mean for your FASTags? Beginning March 1st, while you will not be allowed to top up your FASTags, you will still be able to use any balance that you have.

Also read/watch - Budget 2024: Sensex, Nifty open Flat ahead of budget speech; Paytm crashes after RBI imposes strict curbs

For those users who want to deactivate their Paytm FASTags, log in to the app, navigate to 'Manage FASTag,' select 'Help & Support,' choose 'Queries related to updating FASTag profile,' and opt for 'I want to close my FASTag.

In case you want to port your FASTag from Paytm to another bank, call the customer care of the new bank and follow their instructions.