Paytm Payments Bank crisis: How to deactivate Paytm FASTag and buy new one

Last week, the Indian Highways Management Company Ltd (IHMCL) advised highway users to buy FASTags from 32 authorised banks and not Paytm Payments Bank (PPBL). IHMCL is the toll-collecting arm of the state-owned National Highways Authority of India (NHAI).

This followed the Reserve Bank of India’s (RBI) direction for PPBL to stop accepting deposits and top-ups from any customers after February 29. This deadline was later extended to March 15. After that, Paytm FASTags will not work.

According to the frequently asked questions (FAQs) announced by the RBI last week, after March 15, users will not be able to recharge their FASTags issued by PPBL. The users will, however, be able to close their old FASTag and request for a refund.