With Paytm Payments Bank’s (PPBL) operations being restricted by the Reserve Bank of India following the detection of irregularities, most of its payments operations will soon be rendered unusable. This will specifically affect the Fastags issued by PBBL, as vehicle owners will not be able to recharge it any longer. This means you will need to buy a new Fastag from another issuing bank or port your existing Paytm Fastag, before March 15, 2024.
Porting a Fastag will require you to ‘call’ the new issuing bank and go through the formalities of furnishing data after which your existing Fastag can be linked by them. All future recharges will need to be made through the new issuing bank.
Also Read: Paytm Axed From List Of FASTags-Issuing Banks
Another option is to close your Paytm Fastag and get a refund of the Fastag deposit. While there is no clear option to do that through the Paytm app directly, here is a quicker way to do it.
Users of Paytm-issued Fastags will no longer be able to recharge them.
First, call the Paytm Fastag customer care number 1800-120-4210. Go through the IVR menu by selecting language, then select ‘Fastag’, followed by ‘close’ Fastag on the automated voice system. It will send a link as an SMS to your registered mobile number. Click on the link, and it opens the Paytm app (you should have the app installed on the phone with credentials logged in) where it shows all your registered vehicle details having a Paytm fastag.
Click on the vehicle number and select the option to ‘Close Fastag’. This will be followed by a pop-up message that reads “Your refund has been initiated”. You will receive an SMS from Paytm Bank confirming the refund will be executed within 7-10 days although it is not clear if it goes to your original payment source or the Paytm wallet. If it goes to the latter, you can go to the app and transfer it to your bank.
The Paytm website says that a message confirming refund will be sent to customers once the refund is completed. If it is sent to your Paytm wallet, the same can be transferred to your linked bank account via the Paytm app.
