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Paytm Payments Bank Removed from FASTag issuers list. These are authorised banks: Check full list here!

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Paytm FASTags will become non-functional from March 15 but users can utilise their available balance, request a refund or cashback.

FASTags authorised banks: The National Highway Authority of India (NHAI) updated list of authorized banks and non-banking financial companies (NBFCs) which can issue FASTags. This comes after the Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from certain operations including FASTags citing non-compliance and supervisory concerns. Paytm Payments Bank has been removed from the list of authorised banks for FASTags.

This means that Paytm FASTags will become non-functional from March 15 but users can utilise their available balance, request a refund or cashback. Although you will be able to close their old FASTag and request for a refund, as per frequently asked questions (FAQs) announced by the RBI.

“It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience,” RBI said in the FAQs.

Which banks are included in FASTag list?

The list includes 39 banks and NBFCs which can issue FASTags to vehicle owners. Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Yes Bank are in the list.

Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Central Bank of India, City Union Bank Ltd, Cosmos Bank, Dombivli Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Saraswat Bank, South Indian Bank, Syndicate Bank, The Jalgaon People’s Co-op Bank, Thrissur District Cooperative Bank and UCO Bank are also in the list.

This article is originally published on Hindustantimes.News!

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Paytm is currently valued at Rs 27800 crore, and allegations of a huge acquisition are refuted by Mukesh Ambani’s Jio Financial Services!

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Reports suggested that Mukesh Ambani Jio Financial Services is planning to acquire Paytm’s wallet business. Now, Jio Financial Services’ has revealed in a regulatory filing that it is not in talks with Paytm to acquire the wallet service.

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Mukesh Ambani is the richest person in the country with a massive net worth of Rs 929925 crore. He is involved in a range of business through subsidiaries of Reliance Industries which is the most valuable company in India with a market cap of Rs 1947000 crore. Last year, Reliance Industries carved out Jio Financial Services and it got listed in August last year. Mukesh Ambani has big plans for Jio Financial Services and he plans to add a range of new services to the platform. As one of the country ‘s biggest fintech firms Paytm is going through a turbulent phase, reports suggested that Mukesh Ambani’s Jio Financial Services is planning to acquire Paytm’s wallet business. Now, Jio Financial Services’ has revealed in a regulatory filing that it is not in talks with Paytm to acquire the wallet service.

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“We clarify that the news item is speculative and we have not been in any negotiations in this regard,” Mukesh Ambani’s Jio Financial Services’ said in regulatory filing. For those who are unaware, RBI has banned Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29. The move from RBI comes after a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.

Since the ban from RBI, Paytm shares have fallen 42% in just 3 days and the investors have lost around Rs 20,500 crore in the process. The stock ended Monday’s session at Rs 438.35 on BSE at all-time low levels.

This article is sourced from DNAindia!

Will the Paytm FASTag cease to function on February 29th? Following the most recent RBI action, here’s what you should do!

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RBI’s action targets Paytm’s banking operations, allowing customers to still use Paytm for digital payments as long as their account is connected to an external bank!

RBI on Wednesday took a major action against the Paytm Payments Bank (PPBL) directing the company to stop accepting deposits or top-ups in any customer accounts including wallets and FASTags and other instruments after February 29. The action by RBI comes after a system audit report and subsequent compliance validation report of external auditors.

The RBI’s move primarily targets Paytm’s banking operations, allowing customers to still utilize Paytm for digital payments as long as their account remains connected to an external bank.

In a statement about the action taken, RBI said, “No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime,”

Here’s a look at what users should do in case they own a Paytm FASTag.

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What is FASTag? 

Government requirements mandate having a FASTag on the windshield of all your four-wheeler vehicles. FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making payments at the toll booths using prepaid wallets.

What happens to your Paytm FASTag after February 28? 

RBI has allowed Paytm FASTag customers to extinguish their balances but they cannot load these instruments with more money starting from March 1.

How to deactivate your Paytm FASTag? 

1) Download the Paytm app on your mobile device and log in through your existing credentials. 

2) Type ‘FASTag’ in the search bar and then tap on ‘Manage FASTag’ under the ‘Services’ section

3) You will be taken to a screen displaying all the active FASTag accounts linked to your Paytm number

4) Navigate to the bottom of the page and click on ‘Help & Support’

5) Now tap on ‘Need help with non-order related queries?’ and select the ‘Queries related to updating FASTag profile’ option. 

6) You should now see a ‘I want to close my FASTag’ option, Click on it and follow the ensuing steps. 

This Article was originally published on Livemint News!

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