New Delhi: The National Highways Authority of India on Wednesday issued an advisory asking Paytm FASTag users to migrate to some other bank by March 15.
In a statement, the Ministry of Road Transport and Highways said, “To ensure seamless travel experience and avoid inconvenience at toll plazas, NHAI has advised Paytm FASTag users to procure a new FASTag issued by another bank before March 15, 2024. This will help in avoiding penalties or any double fee charges while commuting on National Highways.”
It added, “In line with the guidelines issued by the Reserve Bank of India regarding restrictions on Paytm Payments Bank, the Paytm FASTags users will not be able to recharge or top-up the balance post 15th March 2024. However, they can use their existing balance to pay toll beyond the stipulated date.”
For the benefit of those who use Paytm FASTags, the ministry added, “For any further queries or assistance related to Paytm FASTag, users can reach out to their respective banks or refer to the FAQs provided on the IHMCL website. NHAI has urged all Paytm FASTag users to take proactive measures to ensure a seamless travel experience on the National Highways across the country.”
In a statement, The Reserve Bank of India on February 23 said it has directed the National Payments Corporation of India (NPCI) to evaluate Paytm’s request to serve as a Third-Party Application Provider for the UPI channel, enabling the continued operation of the Paytm app through UPI.
Furthermore, the RBI indicated that it has imposed specific business constraints on Paytm Payments Bank under the authority granted by Section 35A of the Banking Regulation Act, 1949. Additionally, the RBI statement on Paytm included several Frequently Asked Questions (FAQs).
The RBI clarified that it had published the FAQs on February 16 to assist customers, wallet holders, and merchants who utilize banking services provided by Paytm Payments Bank.
Earlier this month, the Financial Intelligence Unit-India (FIU-IND) exercised its authority under the Prevention of Money Laundering Act (PMLA), 2002, to levy a substantial penalty on Paytm Payments Bank Ltd.
The penalty imposed amounts to a staggering Rs. 5,49,00,000 (rupees five crore forty-nine lakh), representing a resolute action against infringements of anti-money laundering regulations.
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