• Source:JND
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The Reserve Bank of India has released rules regarding limitations on Paytm Payments Bank (RBI). Specifically, from Friday at midnight, customers of Paytm FASTag will not be able to add funds to their accounts. After March 15, they can keep using their existing balance to pay for tolls.

The Paytm App can be used to close the Paytm Payments Bank FASTag by those who want to. 'Manage FASTag' may be found in the search menu when users initially launch the Paytm App. All of the cars connected to the Paytm Payments Bank FASTag will be included in the Manage FASTag section. Subsequently, users will need to select the vehicle for which they wish to close the FASTag after selecting the 'Close FASTag option' located in the upper right corner of the page.

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A confirmation notice will show up on the screen when you click Proceed. The FASTag will close in five to seven business days. The minimum balance required for PPBL FASTag and the appropriate security deposit will be returned to the Paytm Payments Bank Wallet following the closure, per the company's policy.

The parent firm of Paytm, One97 Communications Limited (OCL), received permission on Friday from the National Payments Corporation of India (NPCI) to participate in the Unified Payments Interface (UPI) as a third-party application provider under the multi-bank model.

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Four banks will serve as OCL's Payment System Provider (PSP) banks: Axis Bank, HDFC Bank, State Bank of India, and YES Bank. Paytm FASTag users are urged by the National Highways Authority of India to obtain a new FASTag issued by a different bank before March 15th.

(With Inputs from IANS..)