Paytm Payments Bank releases FAQ on refunds, minimum balance of FASTag accounts

Paytm Payments Bank Ltd (PPBL) on March 15 issued an FAQ to its customers on how to get a refund of security and minimum balance of FASTag accounts.

According to the FAQ, 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, the bank added.

Bank further added that 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 the old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank;” said bank.
According to the Paytm payments bank; customers can close the PPBL FASTag through the Paytm App.
Further, PPBL 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,” said the bank.
On January 31, the RBI imposed major business restrictions on Paytm Payments Bank, including a bar on accepting fresh deposits and doing credit transactions after February 29. The regulator found major irregularities in KYC, which exposed the customers, depositors and wallet holders to serious risks.
Earlier; the Reserve Bank of India clarified that FASTag issued by Paytm Payments Bank can continue to use FASTag to pay tolls up to the available balance post-March 15. The clarification was issued in the Frequently Asked Questions (FAQ) released by the central bank on February 16.