The NHAI has deleted Paytm Payments Bank Ltd (PPBL) from its list of approved FASTag issuers and released an updated list.
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After the Reserve Bank of India (RBI) ordered the closure of Paytm Payments Bank owing to non-compliance and supervisory concerns, the National Highway Authority of India (NHAI) removed Paytm Payments Bank Ltd (PPBL) from its list of FASTag issuing NBFCs and banks. It has now released an updated list of FASTag issuers. There are 39 banks and NBFCs on the updated lists that are qualified to provide FASTags to car owners.
Despite the RBI’s decision to extend the deadline for Paytm Payments Bank from February 29 to March 15, it has emphasised in its FAQ that Fastags are not interchangeable. Customers should close their Fastag accounts with PPBL and apply for a refund. They will then have to get a new Fastag from another bank.
“Seamless travel with fastagofficial! Get your FASTag today from authorized banks and experience a smoother journey on the National Highways. Visit https://fastag.ihmcl.com or https://netc.org.in/request-for-netc-fastag to know more!,” the official account of NHAI posted on X (FormerlyTwitter).
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The NBFCs and banks listed on the revised list of FASTag issuers approved by the NHAI are Airtel Payments Bank, Allahabad Bank, Bandhan Bank, Bank of Baroda, Central Bank of India, City Union Bank Ltd, AU Small Finance Bank, Axis Bank Ltd, Bank of Maharashtra, Canara Bank, Cosmos Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, Dombivli Nagari Sahakari Bank, HDFC Bank, IDBI Bank, IDFC First Bank, ICICI Bank, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Indian Overseas Bank, J&K Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, LivQuik Technology Pvt Ltd, Punjab National Bank, Saraswat Bank, State Bank of India, Syndicate Bank, South Indian Bank, The Jalgaon People’s Co-op Bank, UCO Bank, Union Bank of India, Thrissur District Cooperative Bank, and Yes Bank.
After Paytm Payment Bank Ltd was removed from the list of FASTag issuing banks, many vehicle owners who previously purchased FASTag from the PPBL are now required to purchase FASTag from any other issuing bank. They can, however, keep using their existing Paytm FASTag until their account has a balance.
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The NHAI and RBI have announced that no more Paytm FASTag account topping-ups will be permitted after March 15, 2024. As a result, Paytm FASTag users should buy a new FASTag from another authorised bank.
