Paytm Fastags won't work from March 15 (Representational)
The National Highways Authority of India (NHAI) issued an advisory suggesting Paytm FASTags users should get new FASTags issued by a different bank before the March 15 deadline.
“This will help avoid penalties or any double fee charges while commuting on National Highways,” the NHAI said in a statement.
“In line with the guidelines issued by the Reserve Bank of India regarding restrictions on Paytm Payments Bank, the Paytm FASTags users will not be able to recharge or top-up the balance post 15th March 2024. However, they can use their existing balance to pay tolls beyond the stipulated date. Users can reach out to their respective banks or refer to the FAQs provided on the IHMCL website. NHAI has urged all Paytm FASTag users to take proactive measures to ensure a seamless travel experience on the National Highways across the country,” they added.
The Paytm Payments Bank will stop offering services from tomorrow on instructions of the RBI, following serious rule violations.
What is FASTag?
A FASTag is an electronic toll collection system operable on highways throughout India. It is a small tag that is stuck on a vehicle's windshield and features a unique identification number linked to the user's prepaid account.
As vehicles pass through toll plazas, sensors read the FASTag ID, automatically deducting the toll charges from the linked account. It is an initiative by the NHAI under the Ministry of Road Transport and Highways.
How to apply for a new FASTag?
- Visit SBI, ICICI Bank, HDFC, Axis Bank, and other banks or financial institutions that are authorized to issue FASTags or PNFs. Weigh in factors such as fees, ease of application, and additional benefits offered by different issuers.
- You can go to their nearest branch or visit their website that offers a FASTag on the bank website. All issuers have a specific segment on their web pages that is dedicated to the FASTag applications process.
- Fill in the FASTag application form with accurate details like name, address, contact details, vehicle registration number, and KYC (Know Your Customer) documents like an Aadhaar card, PAN card, passport, or driving license.
- Scan or upload the required documents as per instructions.
- Pay the necessary fees. The prices may differ depending on the issuer and the chosen car.
- Following the submission, the issuer will then carry out the verification process. Once activated, it will be sent to your registered address.
- Once the FASTag is activated, recharge the account linked to it for toll payments. You can recharge online through the website, app, or designated recharge centers.