FASTag: Paytm Payments Bank Removed from Authorised List - IHMCL
Feb 16, 2024 10:40
IHMCL, the toll collecting arm of NHAI, has removed Paytm Payments Bank from the list of authorised banks for FASTag issuance. Learn about the authorized banks and the latest updates on FASTag.
Photograph: Amit Dave/Reuters
New Delhi, Feb 16 (PTI) Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel.
In a post on X, IHMCL said for hassle-free travel, buy your FASTag from 32 authorised banks.
The 32 authorised 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.
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.
However, any interest, cashbacks, or refunds may be credited back to customers anytime.
The direction followed persistent non-compliances and continued material supervisory concerns, the central bank had said in a statement.
IHMCL has said it is encouraging FASTag users to complete the 'Know Your Customer' (KYC) process of their latest FASTag as per RBI guidelines.
With a penetration rate of around 98 per cent and over 8 crore users, FASTags, based on radio frequency identification (RFID) technology, allow users to pay highway toll charges directly from the linked bank accounts.
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