Paytm Payments Bank Advises Customers To Close Fastag Accounts

Paytm Payments Bank on Friday issued a set of answers to frequently asked questions by customers as the deadline for acceptance of new deposits of March 15 gets enforced. The FAQs were published on the Paytm Bank website.

Paytm Payment Bank clarified its position on the use of Fastag issued by it. According to it, customers can continue to use FASTag to pay at enabled toll and parking merchants up to the available balance in their wallet. However, no further funding or top-ups will be allowed in the Fastags issued by Paytm Payments Bank after 15 March.

Customers have been advised to procure a new Fastag issued by another bank before 15 March to avoid any inconvenience.

The credit balance transfer feature is not available from the old Fastag issued by Paytm Payments Bank to a new FASTag obtained from another Bank.

Further, Paytm Payments Bank said that there are no restrictions on withdrawing funds from existing balances. The RBI directive explicitly states that existing balances in accounts and wallets are secure, alleviating concerns regarding the safety of deposited funds.

However, the directive underscores the importance of making alternative arrangements with another bank before the specified date to ensure a smooth transition and avoid any inconvenience.

The RBI directive, while limiting certain operations of Paytm Payments Bank, assures existing customers about the safety of their funds. (ANI)