iifl-logo-icon 1
IIFL

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

Paytm Payments Bank's FASTag Users Switch to HDFC Bank, Axis Bank Amid RBI Restrictions

21 Mar 2024 , 01:07 PM

Many Paytm Payments Bank FASTag customers are switching to HDFC Bank or Axis Bank due to RBI's restrictions on Paytm Bank, according to sources. The transition process is reportedly smooth as customers have various banks' FASTag services to choose from.

A Paytm executive mentioned that the majority of customers are opting for HDFC Bank and Axis Bank, but the migration is still in its early stages.

RBI's guidelines restrict Paytm Payments Bank FASTag users from recharging their accounts after March 15, 2024, but they can use the existing balance for toll payments.

NPCI has listed 39 banks for FASTag users to choose from, emphasizing customer preference.

FASTag, an electronic toll collection system, operates via RFID technology and directly deducts toll payments from linked prepaid or savings accounts.

NHAI advised Paytm FASTag users to switch to another bank's FASTag before March 15 to avoid penalties or double fee charges while travelling on National Highways.

RBI imposed business restrictions on Paytm Payments Bank in January, including a ban on fresh deposits and credit transactions, due to major irregularities in KYC compliance.

In February, RBI advised Paytm Payments Bank customers to shift their accounts to other banks by March 15, allowing unrestricted withdrawal or utilization of balances beyond that date.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • FASTag
  • Paytm Payments Bank
  • RBI
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.