New Delhi: Paytm Payments Bank Ltd (PPBL) has been removed from the list of authorized banks for issuing FASTags by the National Highway Authority of India (NHAI). This decision comes after the Reserve Bank of India (RBI) took action against Paytm Payments Bank, citing non-compliance and supervisory concerns.
Paytm FASTags will become non-functional from March 15. Despite this, users are provided with options to manage their accounts. They can either utilize the available balance, request a refund, or opt for cashback. The RBI, in its recent FAQs, has assured users that they will be able to close their old FASTags and request a refund.
"It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience," stated the RBI in its FAQs.
The NHAI, responsible for overseeing the implementation of electronic toll collection systems, updated its list of authorized banks and non-banking financial companies (NBFCs) eligible to issue FASTags.
The updated list includes 39 banks and NBFCs that are authorized to issue FASTags to vehicle owners. Some of the prominent entities on the list are Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Yes Bank, Allahabad Bank, AU Small Finance Bank, UCO Bank.
As the deadline approaches, users are advised to secure a new FASTag from an authorized bank to ensure uninterrupted service and avoid any inconvenience on toll roads.
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