Paytm Payments bank advises customers to close FASTag accounts, answers customer queries

According to Paytm's frequently asked questions (FAQ), while this directive may raise concerns among account holders, it's essential to clarify the implications and reassure customers about the safety of their funds.

Paytm Payments Bank on Friday issued a set of answers to frequently asked questions by customers as the deadline for accepatance of new deposists 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 March 15.

Customers have been advised to procure a new FASTag issued by another bank before March 15 to avoid any inconvenience. Credit balance transfer feature is not available from old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank.

Customers can close the Paytm Payments Bank FASTag via the Paytm App by following the below mentioned steps: 1. Open Paytm App and search for "Manage FASTag" in Search Menu.2. 'Manage FASTag' section will list all the vehicles linked to Paytm Payments Bank Fastag.3. Choose "Close FASTag option" on the top right section of the page4. Select the vehicle for which FASTag is to be closed5. Click Proceed and confirmation message will be seen on screen6. FASTag will be closed within 5-7 working days.

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. It underscores the importance of making timely arrangements to ensure a seamless transition and mitigate any inconvenience.

According the company, Paytm Payments Bank, in compliance with regulatory requirements, continues to prioritize customer interests and adherence to banking norms. (ANI)

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