The National Highways Authority of India (NHAI) has released a directive, urging motorists to procure FASTags from sanctioned banks, explicitly excluding Paytm Payments Bank Ltd (PPBL). This counsel is in response to the service interruption experienced by PPBL. A total of 32 banks have received authorisation to distribute FASTags, with PPBL noticeably absent from the list.
Motorists were encouraged to secure their Fastags from any of the 32 approved banks. As anticipated, the list does not include Paytm Payments Bank.
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Banks Authorized For FASTag Buy and Recharge In 2024
The exclusion of Paytm FASTag implies that close to 20 million users of Paytm Fastag will be required to acquire new RFID (Radio Frequency Identification) stickers. This is a significant shift for these users, necessitating the replacement of their current FASTags. Here is the list of banks authorized for FASTag service in 2024:
- 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
- Federal Bank
- FINO Payments Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- Indian Bank
- IndusInd Bank
- J&K Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Nagpur Nagarik Sahakari Bank
- Punjab National Bank
- Saraswat Bank
- South Indian Bank
- State Bank of India
- Thrissur District Cooperative Bank
- UCO Bank
- Union Bank of India
- Yes Bank
Amidst the regulatory actions taken by the Reserve Bank of India (RBI), a dispute involving Paytm has come to light, stemming from significant operational restrictions imposed on Paytm Payments Bank since January 31. These constraints entail the cessation of new deposits and the discontinuation of credit transactions after February 29. Notably, the central bank had already prohibited Paytm Payments Bank from onboarding new customers as early as March 2022.
Travel hassle-free with FASTag! Buy your FASTag today from authorised banks. @NHAI_Official @MORTHIndia pic.twitter.com/Nh798YJ5Wz
— FASTagOfficial (@fastagofficial) February 14, 2024
On January 31, the RBI issued an immediate directive instructing the bank to halt the enrollment of new customers. According to an RBI press release, the nodal accounts of One97 Communications and Paytm Payments Services are mandated to be promptly terminated, with a stringent deadline set for no later than February 29, 2024.
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