How to cancel Paytm Fastag: The Reserve Bank of India (RBI) has imposed several restrictions on the payment platform Paytm including inactivation of Paytm Payments Bank Limited (PPBL), which is under investigation.

Meanwhile, the National Highways Authority of India (NHAI) has also excluded PPBL from its list of Fastag providers. After this, users will have to start Fastag service as soon as possible by choosing any one of the other 32 banks under the purview of NHAI.

Also, due to NHAI’s ‘One Vehicle, One Fastag’ rule, it has become even more necessary to discontinue Paytm Fastag.

Last month, an RBI report had highlighted allegations of non-compliance against PPBL. It has also been recommended to suspend its operations till February 29.

However, RBI later extended the suspension deadline to March 15 instead of February 29. Currently, users can use their Paytm Fastags till March 15, after which they will be automatically deactivated, and it will not be possible to recharge or top up.

Clouds of crisis loom over Paytm; This brokerage firm takes strong step

How to cancel Paytm Fastag: That is why it is important that users close their PPBL Fastag account in time and demand a refund so that the refund is ensured by Paytm within the time limit.

Remember that after one Fastag is discontinued, vehicle owners can apply for or get another Fastag.

How to cancel Paytm Fastag

How to cancel Paytm Fastag: Users can close their Paytm Fastag account through the Paytm app without any hassle. For this they have to follow the following steps:

• To close Paytm Fastag account go to your profile in your Paytm app
• Now select the option ‘Help and Support’
• Then click on Banking Services and Payments
• Then click on Fastag
• Finally to deactivate your Paytm Fastag account click on “Chat with us” option and request for deactivation.
• Additionally, users can also close their Paytm FASTag account by logging in to the Paytm FASTag portal and providing their FASTag number, registered mobile number and verification details and selecting I want to close my FASTag profile under “Help and Support” option.

These steps are aimed at guiding Paytm FASTag users in smoothly transitioning away from PPBL and ensuring compliance with regulatory changes in the FASTag ecosystem.

Paytm Payments Bank News: Brokerage firm Jefferies Financial has suspended its coverage on Paytm operator One97 Communications Ltd.

The company said that it will not give it any kind of rating until the situation of the struggling Indian fintech improves.

With the move, Jefferies becomes the first major foreign brokerage to drop coverage on Paytm, moving the stock to “Not Rated” status.

The decision comes weeks after Jefferies downgraded Paytm to underperform last month following a Reserve Bank of India order directing Paytm Payments Bank to shut down its significant operations due to non-compliance.

Paytm Payments Bank News

Paytm Payments Bank News: Jefferies analysts Jayant Kharote and Prakhar Sharma emphasized the impact of Paytm losing its banking license, saying the business model will now resemble that of pure payment service providers.

He expects Paytm’s focus to shift towards customer retention and speculates that the company can use its substantial cash reserves of ₹85 billion (US$1 billion) to ensure user retention.

Paytm share price today on Feb 20

Paytm shares have seen a sharp decline since the unexpected regulatory intervention by the Reserve Bank of India, losing more than half of their value.

In an effort to save its merchant payment settlement operations, crisis-hit Paytm has partnered with Axis Bank to replace its affiliate, Paytm Payments Bank.

Paytm Payments Bank News: Despite the challenges, Paytm shares experienced a daily range gain of 5 per cent in Monday’s trade, indicating some positive market response to its efforts.

The Reserve Bank of India has given time till March 15 to Paytm Payments Bank to stop all transactions.

Initially directed to shut down operations on February 29, the extension allows no further deposits, credit transactions or top-ups into customer accounts after March 15, 2024.

RBI clarified that the exceptions include interest, cashback, sweep-in from participating banks.