Paytm Payments Bank To Stop Operations After March 15: Consumers & FASTag Users Need To Know This

’After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.’’ RBI

Those who make digital payments through Paytm Payments Bank Ltd (PPBL) need to find another source of payment  as after 15 March, it will not provide services like credit transaction processing and deposit acceptance.

Why is Paytm Payments Bank being shut down?

RBI barred Paytm Payments Bank in February after concerns regarding breach of and compliance with regulatory norms and said in its order that ‘’After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.’’

What Will Change For Paytm Payments Bank Users After March 15?

• Users will not be able to deposit money into their Paytm Payments Bank accounts, but they can withdraw or transfer funds after March 15.
• Options like Salary Credit, Direct Benefit Transfers, or Subsidies will not be available in Paytm Payments Bank accounts from March 15, but refunds, cashbacks, and sweep-ins can be done with help of partner banks.
• Wallets – Customers will not be able to transfer money after March 15 or have access to facilities like top-up but they can make payments if they have maintained balance in their accounts.
• You can not recharge or add funds in your NCMC cards issued by Paytm bank.
• After March 15, you can not transfer money into Paytm Payments Bank accounts through UPI or IMPS.
• You will not be able to recharge your FASTag issued by Paytm Payments Bank after March 15
• To ensure seamless travel experience and avoid inconvenience at toll plazas, NHAI has advised Paytm FASTag users to procure a new FASTag issued by another bank before March 15, 2024.

Options Available For Paytm FASTag user

Till the point you have balance available in your Paytm FASTag you can continue to use it to pay the toll. But you won’t be able to add top-up balance or recharge henceforth. Which means, if the balance in your paytm FASTag is lower than the toll amount, your FASTag will stop working.

If you want to close your Paytm FASTag you can call on a toll free number or do it via Paytm App.

Paytm FASTag toll free number is 1800-120-4210. In case you chose the option to call you need to provide your registered mobile number along with the FASTag and Vehicle Registration Number (VRN) or Tag ID.

Go to the ‘services section’ of the Paytm app and select the ‘Manage FASTag’ option. Under which you will see an option named ‘close FASTag’. Select an appropriate reason for closing your FASTag and click on close FASTag.