Digital payments and services app <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> is working and will continue to work as usual even after February 29, its CEO <keyword id="20004114" type="General" weightage="100" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> said on Friday. The founder and CEO of One97 Communications Ltd (OCL), which owns Paytm brand, on social media platform X said the company is committed to serving the nation in full compliance. "To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual," Sharma said. RBI has barred Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. OCL holds a 49% stake in PPBL but classifies it as an associate of the company and not as a subsidiary. "I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," Sharma said. The Paytm top management during an earning call on Thursday said they are working on a migration plan for PPBL, wallet, FASTag etc users with other banks. The company sees the RBI order to have an impact of Rs 300-500 crore on its annual operational profit as its customers will not be able to add money to their wallets, FASTag etc. Separately, the company informed that its offline merchants network offering and device business like Paytm Soundbox, EDC, QR are not impacted by the Reserve Bank of India's (RBI) direction to its associate bank. The fintech company will also continue onboarding merchants to its platform. "The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. Other financial services such as loan distribution, insurance distribution and equity broking, are also not in any way related to Paytm's associate bank and are expected to be unaffected by this direction," the company said. Paytm said that the RBI order also does not impact user deposits in their savings accounts, wallets, FASTags and NCMC (National Common Mobility Card) accounts, and they can continue to use the existing balances. RBI has ordered PPBL to settle all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29, 2024) by March 15, 2024 and no further transactions would be permitted thereafter. Sharma during the call had said that RBI order is a "big speed bump" and shared that he could not understand the trigger for the move and he was not aware of the exact nuance that triggered the order. "On behalf of Paytm I can say it is more of a big speed bump but it is something that we believe that with partnership of other banks and capabilities that we have already developed, we will be able to see through in the next few days or quarters as the case will be," he had said.

Paytm app will continue to work beyond Feb 29 as usual: CEO Vijay Shekhar Sharma

New Delhi, <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> Governor Shaktikanta Das on Monday ruled out any review of the central bank's action against <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> (PPBL), saying the decision was taken after a comprehensive assessment of the functioning of the lender. In a major action against <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> Payments Bank (PPBL), <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. "At the moment let me say very clearly there is no review of this (PPBL) decision. If your are expecting a review of the decision, let me very clearly say there is (going to be) no review of the decision," Das said at a press conference after the 606th meeting of the Central Board of Directors of the Reserve Bank of India. The meeting was addressed by <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister Nirmala Sitharaman. The governor said any decision against entities regulated by the RBI is taken after a comprehensive assessment. While emphasising that RBI is supportive of the fintech sector, Das said it is also committed to protect the interest of customers as well as ensure financial stability. The central bank is expected to soon issue a set of FAQs (Frequently Asked Questions) on the Paytm matter this week. While announcing the action against PPBL, the RBI had said the direction follows persistent non-compliances and continued material supervisory concerns. Earlier on March 11, 2022, the RBI had barred PPBL from onboarding new customers with immediate effect. In its latest action, RBI has asked the Paytm Payments Bank not to take deposits/ credit transactions/top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and NCMC cards, among others after February 29, 2024. However, the central bank has allowed credit of interest, cashbacks, or refunds even beyond February 29. Further, withdrawal or utilisation of balances by PPBL customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards are permitted without any restrictions, up to their available balance. RBI also directed termination of the 'nodal accounts' of One97 Communications Ltd. One97 Communications, which owns Paytm brand, holds a 49 per cent stake in Paytm Payments Bank Limited but classifies it as an associate of the company and not as a subsidiary.

RBI rules out review of action against Paytm Payments Bank

New Delhi [India], February 1 (ANI): <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> Limited ("PPBL"), an associate of <keyword id="20410060" type="General" weightage="20" keywordseo="ocl" source="keywords">OCL</keyword> (One 97 Communications Limited), has received RBI directions. <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> <keyword id="20121609" type="General" weightage="20" keywordseo="payments-bank" source="keywords">Payments Bank</keyword> is set to expand its existing relationships with leading third-party banks to distribute payments and financial services products OCL updated that it has been informed by its associate, PPBL, that the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) vide its Press Release dated January 31, 2024, has given it further directions under section 35A of the Banking Regulation Act, 1949. PPBL is taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns as quickly as possible. The Company has been informed that this does not impact user deposits in their savings accounts, Wallets, FASTags, and NCMC accounts, where they can continue to use the existing balances. OCL, as a payments company, works with various banks (not just Paytm Payments Bank), on various payments products. OCL started to work with other banks since starting of the embargo. "We now will accelerate the plans and completely move to other bank partners. Going forward, OCL will be working only with other banks, and not with Paytm Payments Bank Limited. The next phase of OCL's journey is to continue to expand its payments and financial services business, only in partnerships with other banks. We offer acquiring services to merchants in partnership with several leading banks in the country and will continue to expand third-party bank partnerships," Paytm said in an official statement. The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. OCL's offline merchant payment network offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine, will continue as usual, where it can onboard new offline merchants as well. With regard to the direction on termination of nodal account of OCL and Paytm Payments Services Limited (PPSL) by February 29, 2024, OCL and PPSL will move the nodal to other banks during this period. OCL will pursue partnerships with various other banks, to offer various payment products to its customers. OCL's other financial services such as loan distribution, insurance distribution and equity broking, are not in any way related to Paytm Payments Bank Limited and are expected to be unaffected by this direction. Depending on the nature of the resolution, the Company expects this action to have a worst case impact of Rs. 300 to 500 crores on its annual EBITDA going forward. However, the Company expects to continue on its trajectory to improve its profitability. "Separately, in response to market rumours, our founder has reconfirmed to us that he has not taken any margin loans, or otherwise pledged any shares that are directly or indirectly owned by him," Paytm further said. "We would take this opportunity to clarify that as per banking regulations, Paytm Payments Bank Limited is run independently by its management and board," it added. While OCL is allowed to have two board seats on the board of Paytm Payments Bank Limited, as a part of its shareholder agreement, OCL exerts no influence on the operations of Paytm Payments Bank Limited, other than as a minority board member, and minority shareholder. (ANI)

Paytm Payments Bank set to expand existing relationships with leading third-party banks

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Wednesday barred <keyword id="20403330" type="General" weightage="20" keywordseo="paytm-payments-bank-ltd" source="keywords">Paytm Payments Bank Ltd</keyword> from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. The <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword>'s action against Paytm Payments Bank Ltd (PPBL) follows a comprehensive system audit report and subsequent compliance validation report of the external auditors. These reports revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action, the RBI said in a statement. "No further deposits or <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> 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," it said. The central bank further said withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards are to be permitted without any restrictions, up to their available balance. The RBI in March 2022 had directed PPBL to stop onboarding new customers with immediate effect.

RBI stops Paytm Payments Bank from accepting deposits after Feb 29

<ul><li>FASTag is an innovative move by the Indian government while the country is fast moving towards digital technology. </li><li>FASTag lets the vehicle owners avoid the long queues at the toll plazas and pay the toll charges digitally. </li><li>Here is a simple step by step guide to check your <keyword id="8573127" type="General" weightage="20" keywordseo="fastag-balance" source="Orion">FASTag balance</keyword>. </li></ul>Indian Government is keenly taking steps to switch to a digital economy. Over the recent past, there have been a number of regularization procedures to implement the FASTag system for making toll charge payments in a digital way. However, one responsibility the vehicle owners confront in switching over to this system is to keep their FASTag accounts loaded with enough money. Since FASTag is a new method of making toll payments, a lot of vehicle owners are confused on how to check the FASTag balance. Here is how you can do it in simple steps <cmsannotation type="cmsannotation" annotationid="Steps to check your FASTag balance" comment="subhead" text="Steps to check your FASTag balance">Steps to check your FASTag balance</cmsannotation> It is quite simple to check your FASTag balance. It does not take a long time. FASTag portal lets you do in simple steps. Visit the FASTag portal of the issuing bank or you can alternatively download the ‘My FASTag App’. You can get this app on Google Play Store and App Store. Use the following steps to check FASTag balance using any method. <cmsannotation type="cmsannotation" annotationid="Check FASTag balance using SBI" comment="subhead" text="Check FASTag balance using SBI">Check FASTag balance using SBI</cmsannotation> If you have an SBI FASTag account, you can check the FASTag balance by visiting the official SBI FASTag page <a href="https://fastag.onlinesbi.com/">https://fastag.onlinesbi.com/</a> Enter your login details and land on your dedicated page. On your page, you can view the account details and the FASTag balance. <cmsannotation type="cmsannotation" annotationid="Check FASTag balance using ICICI" comment="subhead" text="Check FASTag balance using ICICI">Check FASTag balance using ICICI</cmsannotation> ICICI FASTag account holders can check their FASTag balance by visiting the ICICI FASTag page <a href="https://www.icicibank.com/Personal-Banking/cards/prepaid/fastag/index.page">https://www.icicibank.com/Personal-Banking/cards/prepaid/fastag/index.page</a> Choose your account type, land on the login page and log into your FASTag account. Once you land on the FASTag account, you can view all the FASTag account details and the balance information too. <cmsannotation type="cmsannotation" annotationid="Check FASTag balance using HDFC" comment="subhead" text="Check FASTag balance using HDFC">Check FASTag balance using HDFC</cmsannotation> If you are a FASTag account holder from HDFC bank, you can visit the dedicated FASTag page on the HDFC bank site and view the FASTag account balance. Visit <a href="https://v1.hdfcbank.com/htdocs/common/fastag/index.html">https://v1.hdfcbank.com/htdocs/common/fastag/index.html</a> Choose your account type. Land on the login page and log into your FASTag account. Once you land on your dedicated FASTag account page, you will be able to view the complete details about your FASTag account including the balance. <cmsannotation type="cmsannotation" annotationid="Check FASTag balance using PayTM" comment="subhead" text="Check FASTag balance using PayTM">Check FASTag balance using PayTM</cmsannotation> PayTM FASTag customers can check their balance by visiting the page <a href="https://paytm.com/manage-fastag">https://paytm.com/manage-fastag</a> Enter your credentials and log into your PayTM FASTag account page. On your dedicated page, you can view the account details including the PayTM FASTag balance. <cmsannotation type="cmsannotation" annotationid="Check FASTag balance using PayTM APP" comment="subhead" text="Check FASTag balance using PayTM APP">Check FASTag balance using PayTM APP</cmsannotation> To check FASTag account balance on My FASTag app, download the My FASTag app on your Android or iOS device. Open the app and enter your account details. After logging into your account, you will find the complete details of your FASTag account and also the FASTag account balance information. See Also: <div type="Article" hostid="261" msid="84549556" title="Here’s how to know if your phone is hacked" mstype="2" mssubtype="0"></div>

How to know Fastag balance in these simple steps

The deadline for paying the toll charges through FASTag has been extended to December 15, 2019, whereas the earlier deadline was December 1, 2019. While the government has given some additional time for the vehicle owners to make a switchover to this system, those vehicles crossing the toll plazas without FASTag after December 15 will have to incur twice the toll charges. This being announced, now the vehicle owners are desperately hunting for the required info <ol><li>What is FASTag system FASTag is a method of electronically paying the toll charges while the vehicles pass through the toll plazas located at the National Highways all over India. FASTag works on radio frequency identification technology that can automatically debit the toll charges applicable to the given vehicle from the linked account of the vehicle owner. Having FASTag affixed to the windshield of your vehicle will mean you will not have to stop at the toll plazas in long queues for paying the toll charges. This will make the process much easier. It is quite easy to buy, use and recharge FASTag and the whole system works in a similar fashion to the concept of mobile wallet. 
</li><li>Where to buy FASTag FASTag, the electronic toll collection tags are made available by the government through various providers like PayTM, fuel stations, banks and others. You can also buy FASTag from Amazon or any toll plaza. Talking of banks that offer FASTag, we can list out entities like Kotak Mahindra, ICICI, HDFC and others. If you wish to buy a new FASTag, you need to carry an ID proof, address proof, and vehicle registration documents. The National Highways Authority of India has requested the banks to offer FASTag free of charges. However, only a few banks have implemented the instructions. Here is an overview of the discounts available on FASTag from different banks so that you can make informed decisions while buying FASTag. 
</li><li>how much discount by PayTM for fastag PayTm charges one-time fee of Rs. 100 (tag fee) to issue FASTag. The other charges payable are a security deposit of Rs. 250, and a threshold amount. The threshold amount depends on the type of vehicle. For instance, the threshold amount for light commercial vehicles is Rs.150 and it is Rs. 200 in case of LCV’s with 2 axles.
</li><li>how much discount by HDFC Bank for fastag When you buy FASTag from HDFC bank, there is no tag joining or one-time fee till 31 December 2019 as the banker’s site says. Security deposit is Rs. 200 with the threshold amount calculated depending on the vehicle. Threshold amount for LCV is 100 and for LCV with 2 axles, it is Rs. 200.
</li><li>how much discount by ICICI Bank for fastag When you buy FASTag from ICICI, you will have to pay Rs. 499. The break up is as follows. Tag joining fee is Rs. 99.12 which includes GST. The security deposit is Rs. 200 and the minimum recharge amount is Rs. 200. A small convenience fee is applicable for online recharges.
</li><li>how much discount by SBI Bank for fastag With SBI, the FASTag issuance fee is Rs. 100 for all categories of vehicles. The minimum security deposit depends on the type of vehicle. For LCV, the security amount is Rs. 200 and for LCVs with 2 axles, it is Rs. 300. The minimum balance is Rs 100 and Rs 140 respectively in these cases. 
</li><li>how much discount by Kotak Mahindra Bank Kotak Mahindra Bank has waived off the one time joining fee or tag fee till 15 January 2020. The tag deposit is Rs. 200 and the threshold amount is Rs 200 in case of LCV. In case of LCVs with 2 axles, the tag deposit is Rs. 300 and the threshold amount is Rs 200.
</li></ol>

Fastag offers: Here's a quick guide to the discounts offered on Fastag by different banks

Where to buy <keyword id="3005928" type="PERSON" weightage="20" keywordseo="FASTag">FASTag</keyword> for free As per the Ministry of Road Transport and Highways, the vehicle owners can get FASTag for free by visiting any authorized physical point of sale locations across the country. Hence it is evident that you can buy FASTags from the national highway fee plazas, RTOs, common service centers, petrol pumps, and transport hubs. You can download My FASTag App to locate the nearest NHAI FASTag point of sale point. FASTag helpline number is 1033. How to buy FASTag for free To purchase FASTag at your chosen location, you need to produce the valid vehicle Registration Certificate (RC). You will have to pay the security deposit applicable and also the charges to create the minimum balance specified. About FASTag The FASTag system launched by the central government during the second half of 2019 is a system that enables automatic deduction of toll charges at the NHAI toll plazas. The system invests in radio-frequency identification (RFID) technology to automatically deduct the toll fee. FASTag is linked to the prepaid or savings or current account of the subscriber. With the FASTag stuck on your vehicle windscreen, you can drive through the toll plazas without having to wait in the long queues to stopover and pay the toll charges. You can also buy FASTag online from companies like Amazon and PayTM. For account activation online, you will need to pay the one time registration charge of Rs 100. For online recharges, one time convenient fee is also charged. Road Transport and Highways Minister Nitin Gadkari said in a statement made last month that the revenue per day through toll collection increased to Rs 87 crore from Rs 68 crore after the Ministry launched the FASTag system on the National Highways.

Where and how to get fast tag near me for free

The Government of India has mandated all the vehicles running on the Indian roads to get <keyword id="3005928" type="PERSON" weightage="20" keywordseo="FASTag">FASTag</keyword> by December 1, 2019. FASTag is developed by the National Payments Corporation of India (NPCI) as part of the National Electronic Toll Collection (NETC) program. FASTag facilitates direct toll payments by deducting the toll fee from the linked account of the customer. With the date for affixing FASTag nearing, here are a few FAQs that will help you ensure compliance better. What are the benefits of FASTag? FASTag can rule out the need to wait at the long queues at the toll plazas. Some of the benefits of FASTag include promoting digital payment among the toll users, reducing pollution due to the vehicles waiting at the toll plazas and saving the time of the toll users. How to recharge FASTag? The user can recharge the FATag account online through credit card / debit card / NEFT / RTGS or Net Banking. PayTm also provides the facility to recharge FASTag. What happens if there is no adequate balance in FASTag? It is the customer’s responsibility to maintain adequate balance in the FASTag. Failing to maintain enough balance, the corresponding FASTag will be blacklisted at the toll plaza and the customer will not be able to avail of the NETC services. Hence he or she must make the toll fee in cash. This will mean that FASTag without sufficient balance is as good as a useless paper. Where can I purchase FASTag? You can purchase FASTag at any one of the NETC member banks. Some of these banks provide online facility to apply for FASTag. Once you complete the online application and submit, you can visit the said bank physically to produce the necessary supporting documents to get a new FASTag subscription for your vehicle. What documents need to be submitted for new FASTag registration? The documents you will need for new FASTag subscription include the vehicle’s registration certificate, vehicle owner’s passport size photograph and KYC documents of the vehicle owner for address and identity proof. What is the price of FASTag? The FASTag issuance charges may differ between the issuing agencies. However, the one-time joining fee is Rs 200. Where to put the FASTag on my vehicle? Once the tag account is active, you must fix the FASTag sticker to the windscreen of your vehicle. What is the penalty for not using FASTag? The National Highways Authority has directed the zonal offices to levy double toll fee as the penalty for vehicles not having FASTag. This will mean 100% penalty for not having FASTag. The rule reads thus, “User of the vehicle not fitted with FASTag entering the FASTag lane of the toll plazas shall pay a fee equivalent to two times of the fee applicable to the category of vehicle as per sub-rule (2) of rule 4.” Can FASTag be transferred to another vehicle? FASTag is vehicle specific and completely linked to the particular vehicle for which it is originally bought. It cannot be transferred to any other vehicle. How will I get to know the transactions through FASTag? When your vehicle passes through the toll plaza and your FASTag account is debited, you will get SMS alert on the registered mobile number. Do two wheelers need FASTag? Two-wheelers and three-wheelers do not need FASTag. It is essential only for four wheelers that need to pay the toll fee.

You Searched For "fastag balance in paytm" and got 8 results

Paytm app will continue to work beyond Feb 29 as usual: CEO Vijay Shekhar Sharma

PTI

RBI rules out review of action against Paytm Payments Bank

PTI

Paytm Payments Bank set to expand existing relationships with leading third-party banks

ANI

RBI stops Paytm Payments Bank from accepting deposits after Feb 29

PTI

How to know Fastag balance in these simple steps

BI India Bureau

Fastag offers: Here's a quick guide to the discounts offered on Fastag by different banks

BI India Bureau

Where and how to get fast tag near me for free

BI India Bureau

FASTag Deadline Is Nearing And Here Are A Few FAQs To Ensure Compliance

BI India Bureau