To avoid fines, Paytm users may need to purchase a new FASTag before February 29.

If you use Paytm’s FASTag to pay tolls, you need to purchase a new FASTag from another bank before 29 February 2024. Each FASTag has a unique UPI and for Paytm FASTag users, this UPI is directly linked to the Paytm payment bank.

Now that the Reserve Bank of India (RBI) ordered Paytm Payments Bank to stop customer transactions, it effectively means you won’t be able to reload your Paytm FASTag after February 29. And if the FASTag doesn’t work, the vehicle owners have to pay a double fee. toll as fine in cash.

Paytm FASTag will work normally till 29/02/2024 and users can also continue to recharge it. After February 29, Paytm FASTag will work with the remaining balance and once the balance amount is over, it can no longer be recharged. As FASTag cannot be transferred to another bank from Paytm Payments Bank, you should get a new one from any of the supported banks.

“The Paytm app offers a range of products to users and some products like FASTag, which are already shared by other banks, will continue,” Paytm CEO and COO Bhavesh Gupta said during a briefing on Thursday.

This development has come after the RBI has decided to restrict the operations of Paytm Payments bank. According to the recent RBI regulation, Paytm users will not be allowed to make credit transactions or top-ups in any customer account and prepaid instruments after February 29, 2024. Technically, Paytm did not comment on what will happen to FASTags after February 29, but it promises to work on “effective solutions” to ensure a seamless customer experience.

Not being able to transfer your FASTag balance or switch to another bank means that your existing FASTag account/ID will become useless after the stipulated deadline, unless there is a major reversal of restrictions closer to the deadline later this month. .