Will Paytm Fastag Stop Working After Feb 29? How To Deactivate Your Paytm FASTag?

The Reserve Bank of India (RBI) has taken strict measures against Paytm Payments Bank Limited, an affiliate of digital payments giant Paytm. The central bank cited non-compliance and "material supervisory concerns in the bank" as the basis for its actions.

The RBI's directive, issued on Wednesday, mandates that no further deposits, credit transactions, or top-ups will be allowed in customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024. The restriction excludes interest, cashbacks, or refunds that may be credited at any time.

What is FASTag?

In adherence to government regulations, all four-wheeler vehicles are required to have a FASTag affixed to their windshields. FASTag, an electronic toll collection system in India, is managed by the NHAI (National Highways Authority of India). Utilizing Radio Frequency Identification (RFID) technology, FASTag enables seamless payments at toll booths through prepaid wallets.

What happens to Paytm FASTag after February 29?

Following the recent directives from the Reserve Bank of India (RBI), Paytm FASTag customers have been granted permission to utilize their existing balances. However, as of March 1, loading additional funds onto these instruments will no longer be permitted.

How to deactivate Your Paytm FASTag?

• Download the Paytm app on your mobile device and log in using your existing credentials.
• In the search bar, type 'FASTag' and select 'Manage FASTag' under the 'Services' section.
• A screen displaying all active FASTag accounts linked to your Paytm number will appear.
• Scroll to the bottom of the page and click on 'Help & Support.'
• Under 'Need help with non-order related queries?', select 'Queries related to updating FASTag profile.'
• Look for the 'I want to close my FASTag' option, click on it, and follow the subsequent steps to deactivate your Paytm FASTag.