The National Highway Authority of India (NHAI) has removed Paytm Payments Bank Ltd (PPBL) from its list of FASTag issuing banks and NBFCs after the Reserve Bank of India (RBI) ordered the closure of Paytm Payments Bank due to non-compliance and supervisory concerns. Now, it has published a revised list of issuers of the FASTag.
Read More: 65% SHG Members Turn Into Lakhpati Didis As Incomes Triple: SBI Report
In the revised list, there are a total of 39 banks and NBFCs which are eligible to issue FASTags to vehicle owners. The banks and NBFCs in the revised list of FASTag issuers authorised by the NHAI include Airtel Payments Bank, Allahabad Bank, AU Small Finance Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank Ltd, Cosmos Bank, Dombivli Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Punjab National Bank, Saraswat Bank, South Indian Bank, State Bank of India, Syndicate Bank, The Jalgaon People’s Co-op Bank, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India and Yes Bank.
To purchase a new Fastag, click here.
After the removal of Paytm Payment Bank Ltd from the list of FASTag issuing banks, many vehicle owners who purchased FASTag from the PPBL now have to buy FASTag from any other issuing banks. However, they can continue using the existing Paytm FASTag until they have any balance in the account. However, no topping up of the Paytm FASTag accounts will be allowed after March 15, 2024, as NHAI and RBI have informed. Hence, the users of Paytm FASTags are advised to purchase a new FASTag from any other authorised bank.
