NHAI advises Paytm FASTag users to switch to another bank FASTag before March 15 to avoid penalties or double fee charges while travelling on national highways. The Ministry of Road Transport & Highways emphasizes the importance of ensuring a seamless travel experience and avoiding inconvenience at toll plazas.
Following RBI guidelines on restrictions placed on Paytm Payments Bank, users won’t be able to recharge their Paytm FASTags after March 15, 2024. However, they can still utilize their existing balance for toll payments beyond this date.
NHAI Urges Paytm FASTag Users to Switch Banks Before Deadline
The National Highways Authority of India (NHAI) advises Paytm FASTag users to switch to another bank’s FASTag before March 15 for hassle-free travel and to avoid inconvenience at toll plazas. Switching to another bank’s FASTag can help avoid penalties or double fees on national highways. NHAI urges all Paytm FASTag users to take proactive steps to ensure smooth travel nationwide.
NHAI has updated its list of authorized banks and financial companies that issue FASTags. The updated list includes:
- 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
Additionally, banks and NBFCs such as:
- Allahabad Bank
- AU Small Finance Bank
- Bank of Maharashtra
- Equitas Small Finance Bank
- Fino Payment Bank
- Indian Bank
- Indian Overseas Bank
- J&K Bank
- Karnataka Bank
- Karur Vysya Bank
are also authorized to issue FASTags according to NHAI’s latest update.
Changes to Paytm FASTag Services Post Deadline
Following RBI guidelines, Paytm FASTags users won’t be able to recharge after March 15, 2024. However, they can still use existing balances for toll payments. For assistance, users can contact their banks or refer to the IHMCL website FAQs. NHAI urges proactive measures for seamless highway travel.
Many vehicle owners rely on Paytm FASTags for toll payments. Earlier, NHAI removed Paytm Payments Bank from its list of authorized banks for FASTag service. RBI’s FAQs detail restrictions on Paytm Payments Bank and advise users to switch FASTags to other banks before March 15, 2024, to avoid inconvenience.
Paytm Payments Bank FASTag Services Updates
The Reserve Bank of India (RBI) stated that the credit balance transfer feature is unavailable in FASTag. Users must close their old Paytm Payments Bank FASTag and request a refund from the bank.
On January 31, RBI directed Paytm Payments Bank to cease accepting fresh deposits in its accounts and wallets from March. Paytm CEO Vijay Shekhar Sharma owns 51% of the bank, while One 97 Communications owns the remaining 49%. According to RBI Deputy Governor Swaminathan J, RBI’s supervisory action on Paytm Payments Bank was due to persistent non-compliance despite extensive engagement with the company.
RBI governor Shaktikanta Das mentioned that Paytm Payments Bank had enough time to follow regulations, and restrictions were imposed only when the bank didn’t cooperate despite discussions. He emphasized that RBI ensures enough time for entities to comply and acts responsibly as a regulator.
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