Paytm FASTag No More Valid: NHAI has sent out a fresh advisory, strongly recommending people to get FASTags from THESE 32 authorised banks leaving Paytm Payments Bank for hassle-free travel.
New Delhi: The National Highway Authority of India (NHAI) has removed Paytm Payments Bank Ltd (PPBL) from its list of 30 authorised banks for FASTag service as the company faces regulatory action over alleged violation of rules. Indian Highways Management Company Ltd (IHMCL), the toll collecting arm of NHAI, has advised highway users to buy FASTags from 32 authorized banks for hassle-free travel. The 32 authorized banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.
“Travel hassle-free with FASTag! Buy your FASTag today from below authorised banks,” IHMCL said, leaving out Paytm Payments Bank from the list of 32 authorised banks.
Travel hassle-free with FASTag! Buy your FASTag today from authorised banks. @NHAI_Official @MORTHIndia pic.twitter.com/Nh798YJ5Wz
— FASTagOfficial (@fastagofficial) February 14, 2024
FASTag is an electronic toll collection system in India that allows vehicles to pass through toll plazas without stopping for cash transactions. It uses radio frequency identification (RFID) technology to automatically deduct the toll charges from the prepaid or linked account of the vehicle owner. This not only saves time but also reduces congestion at toll plazas.
FASTag is operational at over 750 toll plazas, including all national highway toll plazas and over 100 state highway toll plazas across the country.
Banks authorised for issuing FASTags
The banks authorised for issuing FASTags also include Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, Saraswat Bank, Nagpur Nagrik Sahkari Bank, Kotak Mahindra Bank, Karur Vyasya Bank, J&K Bank, IndusInd Bank, Indian Bank, IDFC First Bank, FINO Bank, Equitable Small Finance Bank, Cosmos Bank, City Union Bank Ltd, Central Bank of India, Canara Bank, Bank of Maharashtra, AU Small Finance Bank, and Axis Bank.
Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank.
RBI asks Paytm to to stop accepting deposits/top-ups
On January 31, the Reserve Bank directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. Customers are allowed to use the balance from other accounts, including savings bank accounts, current accounts, prepaid products, FASTag and National Common Mobility Card, until the balance is available.
However, any interest, cashbacks, or refunds may be credited back to customers anytime.