Buy a new FASTag before March 15, NHAI advises Paytm FASTag Users
NHAI has advised Paytm FASTag users to obtain a new FASTag issued by another bank before March 15, 2024, to prevent penalties or double fee charges at toll plazas. This action aligns with RBI guidelines restricting transactions through Paytm Payments Bank after the specified date.
FollowThe National Highways Authority of India (NHAI) has issued a directive to Paytm FASTag users, urging them to buy a new FASTag issued by a different bank before March 15, 2024. This recommendation aims to facilitate smooth travel and prevent any inconvenience at toll plazas, ensuring compliance with toll payment regulations on National Highways.
The initiative comes in response to guidelines outlined by the Reserve Bank of India (RBI) concerning limitations on transactions through Paytm Payments Bank. Following the specified deadline, Paytm FASTag users will no longer have the option to recharge or add funds to their accounts. However, they can utilize their existing balance for toll payments after March 15, 2024.
To address any queries or concerns regarding Paytm FASTag, the NHAI urged users to contact their respective banks or access the Frequently Asked Questions (FAQs) section on the IHMCL website. The NHAI emphasized the importance of proactive action by all Paytm FASTag users to ensure a hassle-free travel experience on the National Highways across India.
Earlier in the day, the NHAI updated its list of authorized banks and financial institutions permitted to issue FASTags, excluding Paytm Payments Bank Ltd (PPBL). Previously, the RBI had directed PPBL to close operations due to non-compliance and supervisory concerns, with most banking services to cease by February 29 and an extended deadline till March 15.
The revised list now includes 39 entities, such as Airtel Payments Bank, Axis Bank Ltd, HDFC Bank, ICICI Bank, and State Bank of India, among others, authorized to issue FASTags.
Other authorised banks and NBFCs for issuing FASTags include UCO Bank, Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Equitas Small Finance Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Dombivli Nagari Sahakari Bank, Karnataka Bank, Karur Vysya Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Saraswat Bank, City Union Bank Ltd, Federal Bank, Fino Payment Bank, South Indian Bank, Syndicate Bank, Jalgaon People's Co-op Bank, Thrissur District Cooperative Bank, and.
The aim of this update is to provide vehicle owners with more options and facilitate a seamless transition to the electronic toll collection system.
