Today, the National Highways Authority of India (NHAI) advised Paytm FASTag users to obtain a new FASTag from a different bank before March 15 for hassle-free travel and to avoid problems at toll plazas, as stated in its statement.
The Ministry of Road Transport & Highways suggests this switch to prevent fines or double charges while traveling on national highways. NHAI’s advice aligns with the Reserve Bank of India’s rules on Paytm Payments Bank.
From March 15, 2024, Paytm FASTag users won’t be able to recharge or add money. However, they can still use their existing balance for toll payments after that date.
NHAI recommends Paytm FASTag users to contact their respective banks for any questions or assistance. They can also check the FAQs on the Indian Highways Management Company Limited (IHMCL) website, as per MoRTH. NHAI urges all Paytm FASTag users to act now for smooth travel on National Highways.
The Reserve Bank of India (RBI) previously recommended customers and merchants of Paytm Payments Bank Ltd (PPBL) to transfer their accounts to other banks by March 15, allowing PPBL customers to withdraw or utilize their balances without any limitations beyond that date.
Earlier this month, Paytm concluded its agreements with Paytm Payments Bank, transferring its nodal account to Axis Bank to ensure the continuity of services such as QR codes, Soundbox, and Card machines beyond March 15, 2024, in compliance with a directive from the central bank issued on January 31.