In a significant update from the National Highway Authority of India (NHAI), there have been notable changes in the roster of authorized entities eligible to issue FASTags. This development is particularly noteworthy for users of Paytm Payments Bank Ltd (PPBL), as the bank has been removed from the list due to directives from the Reserve Bank of India (RBI). The RBI’s decision stems from compliance issues and supervisory concerns, marking a pivotal moment for FASTag users associated with PPBL.
What This Means for Paytm FASTag Users
For individuals utilizing Paytm for their FASTag needs, this announcement heralds a considerable shift. Starting from March 15, Paytm FASTags will cease to function, urging users to take necessary actions regarding their accounts. This includes the utilization of any remaining balance, alongside the option to request refunds or cashback. Importantly, the RBI has provided guidance through frequently asked questions (FAQs), advising on the closure of existing FASTags and the refund process.
With Paytm Payments Bank stepping down, the NHAI has released an updated list comprising 39 banks and non-banking financial companies (NBFCs) authorized to issue FASTags. This extensive list ensures that vehicle owners have a wide range of options to choose from, maintaining the convenience and efficiency of their toll payments across national highways.
Some of the notable institutions include Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, and State Bank of India, among others. This diversified selection caters to the varied preferences and banking relationships of vehicle owners, ensuring a smooth transition for those affected by the recent updates.
For users transitioning away from Paytm FASTags, the process involves selecting a new issuer from the authorized list and applying for a new FASTag. It’s essential to research and choose a bank or NBFC that aligns with your specific needs, considering factors such as customer service, ease of recharge, and any associated benefits.
