Another blow to Paytm Payments Bank! Now NHAI has imposed this restriction regarding FASTag
IHMCL has advised highway users not to purchase FASTag from Paytm Payments Bank for hassle-free travel. In a post on X, IHMCL said that buys FASTag only from 32 authorized banks like Airtel Payments Bank Allahabad Bank Bank of Baroda HDFC Bank ICICI Bank IDBI Bank Punjab National Bank State Bank of India and Yes Bank.
The state-owned NHAI's toll collection division, Indian Highway Management Company Limited (IHMCL), has recommended that drivers buy their FASTags from 32 approved banks instead of Paytm Payments Bank to avoid any hassles when travelling.
In a post on X, IHMCL said that for hassle-free travel, buy your FASTag from 32 authorized banks. These 32 authorized 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.
The Reserve Bank issued an order on January 31 directing Paytm Payments Bank (PPBL) to cease taking deposits or top-ups in any client wallets, accounts, Fastags, or other devices on or before February 29. On the other hand, clients are always eligible for a credit back for any interest, cashback, or refund. The directive was issued in response to ongoing serious supervisory concerns and persistent non-compliance, the central bank stated in a statement.
IHMCL has said that it is encouraging FASTag users to complete the KYC process of their latest FASTag as per RBI guidelines. With a reach rate of around 98 per cent and over 8 crore users, Fastag, based on radio frequency identification (RFID) technology, allows users to pay highway toll charges directly from linked bank accounts.
