Paytm Fastag Deadline: Today is the last day of relief till March 15 that Paytm Payment Bank got from RBI. From tomorrow, along with Paytm Payments Bank, the service of Paytm Fastag will also be stopped. In the advisory of NHAI related to Paytm Fastag, it has been said that to avoid any kind of problem at the toll plaza after March 15, get the Fastag issued from some other bank. If you use Fastag linked to Paytm wallet, your Fastag will not be recharged after March 15.

Will be able to use the money already available

Paytm Fastag service will stop from March 16. If you continue with your old Paytm Fastag, you will have to pay double the toll fee at the toll plaza on the highway. It is noteworthy that after the action taken by RBI on Paytm Payments Bank, Paytm Fastag users will not be able to recharge or top-up after March 15, 2024. If you already have money in your Paytm Fastag, you can use it at toll.

NHAI has released the list of banks.

National Highways of India (NHAI) has released the list of 39 banks and NBFCs to buy new Fastag. From here you can get a new Fastag issued for your vehicle. The name of Paytm Payments Bank (PPBL) is not included in the revised list issued by NHAI. In the official statement issued by NHAI, it was also said that with this, passengers will be able to avoid fine or double toll tax while traveling on national highways.

Let us tell you that following the RBI guidelines on restrictions related to Paytm Payments Bank, Paytm Fastag users will not be able to recharge or top-up their balance after March 15, 2024. However, they can use the existing balance to pay the toll after the due date.

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If you want to update your Aadhaar, you can update it for free till 14th March. After this the money will be recovered from you. Let us tell you that the government had asked to update the 10 year old Aadhar card.

Paytm Payments Bank Deadline

RBI had directed to continue the services of Paytm Payments Bank till March 15. After this all the facilities of Paytm Payments Bank will be stopped. Besides, deposits in customer accounts will also be banned. Apart from this, credit transactions will also not be possible. In such a situation, you can withdraw your deposited amount and deposit it somewhere else.

Last chance to invest in SBI FD

The last day to invest in SBI Amrit Kalash is March 31, 2024. According to SBI website, you can avail special FD of 400 days (Amrit Kalash) at 7.10% interest rate. Senior citizens will be given an interest rate of 7.60% under this FD.

SBI Home Loan Discount

The interest rate offered on SBI WeCare is 7.50%. The last date for senior citizens to invest in SBI WeCare is March 31, 2024. Apart from this, the special campaign discount on SBI home loan is valid till March 31, 2024. This discount will be given on Flexipay, NRI, non-salaried home loans as per CIBIL score.

IDBI Bank Special FD

IDBI Bank’s special FD offers interest rates of 7.05%, 7.10% and 7.25% for tenures of 300 days, 375 days and 444 days respectively. The deadline to invest money in this FD is March 31, 2024.

Tax saving deadline

If you want to save money for tax, then the last deadline to save tax for the financial year 2023-24 is 31st March. Before this you will have to invest in any tax saving scheme.

Fourth installment of advance tax

The last date to pay the fourth installment of advance tax for the financial year 2023-24 is March 15. This date is the last date to pay the final installment of advance tax.

Fastag kyc update

If you are a Fastag user then you will have to update your Fastag KYC by 31st March.

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Good news has come for Paytm UPI users. Reserve Bank of India has asked NPCI to take necessary steps to maintain Paytm’s UPI service. While issuing an advisory to NPCI, the central bank said that in order to maintain the service through Paytm app, NPCI should provide the facility of certification of 4-5 banks having the capacity to handle high volume UPI transactions as payment service providers.

It is noteworthy that as per the instructions of the Reserve Bank of India, Paytm Payments Bank will be closed from March 15. In such a situation, Paytm will need a Third Party Application Provider (TPAP) to continue the UPI transactions without any interruption, the facility of which will be provided by NPCI approved banks.

Customers will get convenience in transferring accounts

This order of RBI will help customers in transferring UPI account. To keep the UPI account active, it needs to be linked to the bank account. Currently, there are many customers who use UPI through Paytm Payments Bank. Paytm Payments Bank will not be able to provide services after March 15. If a Paytm Payment Bank customer does not link his UPI account with another bank before the 15th, then he cannot continue the transaction further.

You will get option of 4-5 banks

RBI has asked NCPI to help Paytm so that the services of Paytm UPI remain operational. UPI transactions are done across the country under the leadership of NCPI. RBI has said that NCPI should help in providing the option of 4 to 5 banks to Paytm users, so that they can easily link their UPI account to the new bank and continue their UPI service after March 15.

Got extension till 15th March

The Reserve Bank of India (RBI) had earlier announced to ban the services of Paytm Payments Bank after February 29. Later, 15 more days were given to continue the services. Earlier, RBI had ordered Paytm Payments Bank to stop taking new deposits and credit transactions after February 29. Now Paytm Payments Bank has been given time till March 15, 2024.

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Fintech company Google Pay recently announced that it has now announced the expansion of SoundPod for merchants in the country. SoundPod will reach most merchants in the coming few months.

The company introduced SoundPods in India last year on a limited pilot scale. Like Paytm’s Soundbox, the Google Pay (GPay) SoundPod is a speaker device. In this too, audio notification service of the transaction is provided and tells the merchant how much money has been paid through QR code.

Google Pay vice president of product Ambrish Lange said in a blog post that

Last year, we introduced our SoundPod product in a limited pilot. It is an audio device that helps merchants track QR code payments with audio alerts when payment is received. Merchant has shared positive feedback regarding this. Soundbox reduces checkout time. We are pleased to announce that SoundPods will be available to small merchants across India in the coming months.

He further adds that this is in addition to the list of consumer and merchant offerings we have announced in October 2023 to expand the availability of responsible credit in India.

Let us tell you that after PhonePe, GPay is the second largest UPI app in the country. It facilitated 444.28 crore transactions worth Rs 6,35,945.58 crore in January 2024.

However, PPBL lagged behind GPay in terms of both volume and value of transactions in January 2024.

RBI took action on Paytm Payments Bank

The Reserve Bank of India (RBI) ordered Paytm Payments Bank Limited (PPBL) to stop accepting any money for transactions after March 15.

RBI has clarified in the list of FAQs that Paytm QR Code, Paytm Soundbox or Paytm POS terminals will continue to function after March 15 only if they are linked to banks other than PPBL.

Paytm said that merchant payment subscription has reached 1.06 crore in the December 2023 quarter. This is an increase of Rs 49 lakh on a year-on-year basis.

Paytm is working to fix an issue with merchant transactions with virtual payment address settings.

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Ever since RBI took action against Paytm Payments Bank, people are very worried about Fastag. In such a situation, many people have a question in their mind whether they can port Fastag or not. Actually, ever since the Fastag service of Paytm Payments Bank has been removed, many people want to port it.

To get Fastag ported, you will have to contact the customer care of your bank. If you are thinking of getting a new Fastag, then for this you will have to go to the online Fastag option of the bank and apply.

When you call customer care to get Fastag ported, you will also have to provide some documents and details. After giving all this information, you can easily port Fastag.

Fastag service is available in these banks

According to NHAI Fastag Services, Fastag service is available in 30 banks of the country.

• Airtel Payments Bank
• Allahabad Bank
• AU Small Finance Bank
• Axis Bank
• Bank of Baroda
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• City Union Bank
• Cosmos Bank
• Equitas Small Finance Bank
• Federal Bank
• Fino Payments Bank
• HDFC Bank
• ICICI Bank
• IDBI Bank
• IDFC First Bank
• Indian Bank
• IndusInd Bank
• J&K Bank
• Karnataka Bank
• Karur Vysya Bank
• Kotak Mahindra Bank
• Nagpur Citizens Cooperative Bank
• Punjab National Bank
• Saraswat Bank
• State Bank of India (SBI)
• Thrissur District Co-operative Bank
• UCO Bank
• Union Bank of India
• yes bank

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Central Bank will issue FAQ in this regard

Shaktikanta Das said that there is no plan to review the decision taken against Paytm Payment Bank. While talking to the media, he said that I want to make it clear that this decision has been taken in the interest of the customers.

In a few days, the Central Bank will issue FAQs (Frequently Asked Questions) in this regard. You all will have to wait for that. We have taken the decision after discussing this for months. Sometimes RBI talks for years before taking such decisions.

RBI’s priority is the interests of customers.

RBI Governor Das said that our attitude towards fintech is clear. We want their number to increase in the country. The sector should also progress. Fintech will always get support from RBI. But the interests of customers and the financial stability of these companies will remain our priority.

On January 31, RBI had banned Paytm Payments Bank from taking deposits and top up. This decision will come into effect from February 29. Due to this tough decision, the bank will have to close its operations after February 29.

Director Manju Aggarwal resigns from the board

One 97 Communications said in its regulatory filing that Manju Aggarwal had resigned on February 1. This has been approved by the board of Paytm Payments Bank on 6 February. The company said that this decision will not affect their business. Manju Aggarwal’s resignation comes at a time when Paytm Payments is facing RBI ban.

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This decision of Paytm means that the company has circumvented the ban imposed by RBI yesterday. However, the decision taken by the Reserve Bank of India on Wednesday has affected Paytm to a great extent.

Reserve Bank of India has ordered closure of Paytm Payments Bank from 29th February. After 29th any amount can be deposited in the company’s bank. Apart from this, many restrictions have been imposed on Paytm.

Now a day later, Vijay Shekhar Sharma, while talking to a private channel, said, ‘From now on, we will work only with other banks, not with Paytm Payments Bank. We are overwhelmed with the support we have received from the big banks of the country.

Sharma said, ‘The company’s business will not be affected due to RBI instructions.’ He also said that RBI has not sent him any information regarding the action.

Paytm suffered loss

Paytm’s performance today has been its worst since its listing in 2021. Founder Sharma himself has also suffered losses. According to a Reuters report, Sharma, who holds a 19.4% stake in the company, suffered a loss of about $233 million on Thursday due to the fall in shares. He holds 51% stake in Paytm Payments Bank.

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IHMCL has been given the ability to take decisions on toll related matters by NHAI. It found that the parameters and rules set for the service-level agreement (SLA) were not being followed by Paytm Payments Bank. This is the reason why Paytm Payments Bank has been barred from issuing new FASTag.

Paytm got a big shock

Due to the new decision, Paytm has been barred from issuing FASTag at any new toll plaza. This restriction has been implemented for all those toll plazas which are part of the National Electronic Toll Collection. It covers all the National Highway networks across the country.

IHMCL had sought answers

Last Friday, a letter was sent by IHMCL to Paytm Payments App. In this letter, IHMCL had asked why action should not be taken against the company for not following the rules. After Paytm, other companies and agencies issuing FASTag are also being closely monitored and action may be taken against them.

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Because Paytm Payments Bank has also enabled linking of RuPay Credit Card with UPI ID on Paytm app for the convenience of the customers. Paytm Payments Bank has announced several new features for Paytm UPI such as UPI Lite on iOS, RuPay Credit Card on UPI and Split Bill.

Paytm Payments Bank has gone live with UPI Lite, a feature enabled by the National Payments Corporation of India for small transactions. About 6 million customers are taking advantage of this facility. Explain that through the new split bill feature, users can create friend groups on Paytm and share the bill in any group.

These facilities for the customers

Paytm says that customers can also tag payments made on Paytm, with which they can see all the transactions done under a certain tag at any time. Paytm empowers customers with the security of UPI. Paytm Payments Bank President Vijay Shekhar Sharma says that he has also brought many good features like split bill, Paytm tag, alternate UPI ID on Paytm app.

Recently given the facility of UPI interoperability

Currently, Paytm Payments Bank has the largest market share in merchant payments and is the largest acquiring bank. Recently the bank announced UPI interoperability, which enables Paytm customers to send and receive money instantly to any mobile number with a UPI ID registered on the platform.

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Paytm Payments Bank went live with UPI in February 2023, given by the National Payments Corporation of India to facilitate small transactions. About 6 million users have taken advantage of this feature.

According to the new feature added by

Paytm, the bank has given users the option to link their RuPay credit card with the UPI ID on the Paytm app. With the new split bill feature, users can create friend groups and share their bills in the group. Users can also tag all payments made on Paytm. In this way all the payments can be viewed at any time through a tag.

Vijay Shekhar Sharma, Chairman, Paytm Payments Bank, said, “We continue to innovate in India while protecting Paytm UPI while empowering users.” He said that we have brought many facilities like split bill, Paytm tag, optional UPI ID on Paytm app.

UPI Lite was launched in February

Let us tell you that Paytm is constantly making changes in its features to make it easier for the users. In the past, Paytm had made UPI payment easy for its users. Paytm had launched UPI Lite in the month of February last. It was said to make payment easier and get rid of the problem of repeated payment failure. With this, users can make payment up to Rs 200 without entering any PIN. Along with this, Rs 2000 can be added in UPI Lite and this can be done twice. In this way Rs 4000 can be added in a day.

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With the help of the feature, real time transactions can be done more quickly in one click through boxes. The bank aims to promote the trend of digital payments across the country.

NPCI made feature

UPI Lite has been designed by the National Payments Corporation of India (NPCI). This app was launched by the Reserve Bank of India i.e. RBI in September 2022. This also improves the bank passbook of small value transactions, as these payments will be visible only in the Paytm balance and history section. These will not be present in the bank passbook.

The bank has started this as part of its steps taken to increase innovation. He says that he is the first Payments Bank, which has launched such UPI Lite feature. The company said in a press release that once loaded, the UPI Lite wallet will allow users to make instant transactions of up to Rs 200, making the entire experience fast and seamless. The company said that a maximum of Rs 2,000 can be added to UPI Lite twice in a day. With this, a person will be able to use up to Rs 4,000 daily.

Transaction will also become more secure

NPCI COO Praveena Rai said that we are very excited to launch UPI Lite on Paytm Payments Bank. He said that in UPI Lite, users will get a faster, safer and seamless low-value transaction experience. He further said that more than 50 per cent transactions through UPI are of less than Rs 200. So UPI Lite will better authorize low value transactions. They will be separated from core banking.

Rai told that this will improve the success rate of the transaction. With this, the user experience will improve and it will take one step closer to processing one billion transactions on the UPI platform.

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Bharat Bill Payment System (BBPS) allows BBPOUs to pay electricity, phone, DTH, water, gas insurance, loan repayment, fastag recharge, education fees, credit card bills and municipal taxes. BBPS is owned by National Payments Corporation of India.

Paytm got approval from RBI

Till now Paytm Payments Bank Limited (PPBL) was providing such services under in-principle approval from RBI. The company said in a statement that PPBL has received final approval from RBI to operate as a Bharat Bill Payment Operation Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.

Under the Bharat Bill Payment System (BBPS), a BBPOU is permitted to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayment repayment, FASTag recharge, education fee, credit card bill and municipal taxes Is.

Users will get this kind of benefit

Under the guidance of RBI, PPBL will display all the Agent Institutes on its website. Paytm Payments Bank spokesperson said that our vision is to promote financial inclusion by providing users with greater access to digital services. With this approval, we will further enhance the adoption of digital payments by merchant billers and enable them with secure, fast and convenient transactions.

Through the Paytm app, users can make convenient payments for their bills and take advantage of automatic payment and reminder services.

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Now Paytm users can make payments to any third party through UPI. This facility will enable Paytm users to make superfast and seamless fund transfers to any mobile number. Especially on UPI registered mobile numbers which are not registered with Paytm.

As per the notification, Paytm Payments Bank has announced that Paytm app users will now be able to do UPI transactions on any mobile number across all UPI payment apps. Even if the person to whom the money is being sent does not use Paytm. With this, Paytm app users can send and receive money from any mobile number with a UPI ID registered in the instant payment app.

National Payments Corporation of India (NPCI) has enabled all payment service providers to access its universal database and make UPI payments interoperable. A spokesperson for Paytm Payments Bank said, “UPI will enable sending money on the app, encouraging wider adoption. We empower users with a robust infrastructure for seamless and secure payments. further strengthens our mission to promote inclusion.”

This is how you can send money to UPI apps

Step 1:In the ‘UPI Money Transfer’ section of the Paytm app, tap on ‘To UPI Apps’.

Step 2:Tap on ‘Enter mobile number of any UPI app’ and enter the mobile number of the recipient

Step 3:Enter the amount and tap ‘Pay Now’ for instant transfer of funds.

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This card can bring good benefits to the users for multiple purposes like traveling in metro, buses and trains as well as making payments at offline and online stores. The card can also be used to pay for parking charges and at toll plazas.

This card is compliant with the National Common Mobility Card (NCMC) of the Government of India. Launched in 2019, the one-stop solution card aims to help users pay for travel, toll charges, retail purchases and withdraw money.

A Paytm Payments Bank spokesperson said, “We are delighted to partner with Mumbai Metro One Pvt Ltd to launch the Paytm Transit Card in the city. The all-in-one NCMC card will bring unmatched convenience to the lives of Mumbaikars who will be able to use it for all their daily travel needs.

Mumbai Metro One Private Limited (MMOPL) spokesperson said that they expect the card to be used by all commuters and become very popular among Mumbaikars who transact digitally.

How to take advantage of the facility

To avail this facility, the user only needs to apply for Paytm Transit Card online. The entire process is done digitally. After a successful application, users can find the card at their doorstep.

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