Paytm shares rebound in intraday trade, Motilal Oswal sees 30% upside
Paytm saw its worse after the Reserve Bank of India (RBI) put a ban over the operations of its payment bank services.
The Reserve Bank of India (RBI) has set guidelines for the operations of Paytm Payments Bank has come, and still a question that remains is the use of FASTag issued by it.
Paytm had said that the customers can continue to use FASTag to pay at enabled toll and parking merchants up to the available balance in their wallet.
The company has said that no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15.
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In order to close the Paytm Payments Bank FASTag via the Paytm App, users need to follow certain steps:
- Search for ‘Manage FASTag’ option in Paytm App
- It will list all the vehicles linked to Paytm Payments Bank Fastag
- Choose ‘Close FASTag option’ on the top right section of the page
- Select the vehicle for which FASTag is to be closed
- Click Proceed and confirmation message will be seen on screen
- FASTag will be closed within 5-7 working days.
Paytm Payments Bank has said that there are no restrictions on withdrawing funds from existing balances.
The RBI directive has also explicitly stated that the existing balances in accounts and wallets are secure, alleviating concerns regarding the safety of deposited funds.
According to the details shared by the RBI over the use of FASTag, users cannot transfer the balance from old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another bank.
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