Paytm FASTag users should note that the National Highway Authority of India (NHAI) has not included Paytm Payments Bank in its latest list of 30 authorised banks for the FASTag service. The department said that due to regulatory actions against the company, it had decided to drop the Paytm Payments Bank.
“Travel hassle-free with FASTag! Buy your FASTag today from below authorised banks,” Indian Highways Management Company (IHMCL), the electronic tolling arm of National Highways Authority of India (NHAI), said on its official X (formerly Twitter).
Read More: How To Upload Profile Picture In EPF UAN portal
The updated list by NHAI now includes banks such as Airtel Payments Bank, Allahabad Bank, AU Small Finance Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Equitas Small Finance Bank, and Federal Bank.
Other banks featured in the list are Fino Payments Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Indian Bank, Induslnd Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank, Punjab National Bank, Saraswat Bank, State Bank of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India, and Yes Bank.
FASTag is a device utilising Radio Frequency Identification (RFID) technology for toll payments while the vehicle is in motion.
The Reserve Bank of India (RBI) last month imposed curbs on the operations of Paytm Payments Bank and barred it from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags after February 29.
Later, RBI Governor Shaktikanta Das stated that there is limited scope for RBI reconsidering the measures taken against Paytm Payments Bank. Das emphasised that the central bank takes action against regulated entities only after conducting a thorough evaluation.
Read More: PM MUDRA Yojana (PMMY): Who Is Eligible And How To Apply
What can Paytm FASTag users do now?
Paytm Payments Bank, known as the largest issuer of FASTag in India, has millions of users who may be impacted by this regulatory move. Paytm FASTag users who have balance in their accounts can use the balance post February 29, as per RBI mandate. However, users won’t be able to add money or make top-ups.
On its website, Paytm in a statement noted: “Please note that you will not be able to deposit or add money to your Paytm Payments Bank Account/Wallet after Feb 29, 2024. However, there is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024.”
To create new FASTag accounts, users will have delete their accounts with Paytm Payments Bank.
Here are the steps to delete the FASTag account:
1. Log in to the FASTag Paytm Portal using the user ID, wallet ID, and password.
2. Enter required details for verification and click on ‘Help & Support.’
3. Select ‘Queries Related to Updating FASTag Profile,’ then choose ‘I Want to Close My FASTag’ and follow steps.
To port FASTag from Paytm to another provider, contact the new bank’s customer care. Inform them of your intention to switch, provide necessary details, and initiate the porting process.
Points to note
Paytm users, who are using UPI
Those whose Paytm FASTags are with other banks can continue to use FASTag. On February 1, Paytm issued a statement saying that Paytm app is working and will continue to work post Feb 29th!
Read More: Pension Payment Order: What is PPO number? How to find PPO for receiving pension in bank account
Paytm has also said it plans to broaden its current partnerships with top third-party institutions to offer more financial services and payment solutions.
