RBI Bans Paytm Payments Bank: Here’s How To Port Or Deactivate Paytm FASTag

RBI has allowed Paytm FASTag users to utilize their balances but they cannot load these wallets with more money after 29 February

Outlook Business Desk

Updated on: 6 February 2024 6:06 pm

Paytm FASTag

The Reserve Bank of India’s (RBI) regulatory action on Paytm Payments Bank (PPBL) has raised concerns among many users about their Paytm FASTag wallet balance. The central bank took major action against PPBL, directing the company to stop accepting top-ups or deposits in any customer accounts including wallets, FASTags, and other instruments after 29 February on Wednesday, last week. The RBI action comes after a system audit report and subsequent compliance validation report from external auditors.

It primarily targets Paytm’s banking operations, allowing customers to still use Paytm for digital payments as long as their account remains connected to an external bank. After the RBI’s action, Paytm’s shares crashed over 42 per cent in just three days and Rs 20,500 crore worth of investor wealth.

RBI has allowed Paytm FASTag users to utilize their balances but they cannot load these wallets with more money after 29 February.

Follow our WhatsApp channel

Here’s How To Deactivate Your Paytm FASTag:

1. Login to the FASTag Paytm portal using your User ID or Wallet ID and password.

2. Enter required details including your FASTag number, registered mobile number, and any other information they may need for verification.

3. Navigate to the bottom of the page and click on “Help & Support” option.

4. Tap on ‘Need help with non-order related queries?’

5. Select the ‘Queries related to updating FASTag profile’ option.

6. Click on the ‘I want to close my FASTag’ option and follow the ensuing steps.

Remember that once deactivated, you cannot reactivate the same FASTag again.

Here’s how to port your FASTag from Paytm:

1. To port or transfer your FASTag from Paytm, call customer care of the bank to which you are transferring your FASTag.

2. Tell them that you want to switch.

3. Share your required details and your transfer will be done.

According to Paytm’s statement, this does not impact user deposits in their savings accounts, wallets, FASTags, and NCMC accounts, where they can continue to use the existing balances. Paytm Payments Bank was taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns.