Paytm FASTag users: Switch to new provider before March 15, check all options here

Mangalore Today News Network/News18

New Delhi, Feb 26, 2024: Paytm Payments Bank (PPBL) can no longer offer FASTag services. This is because the Reserve Bank of India (RBI) has extended its deadline to cease operations until March 15, 2024. As a result, PPBL was removed from the list of authorised FASTag providers.

 

FASTag is a convenient way to pay tolls electronically in India. Operated by the National Highways Authority of India (NHAI), it uses Radio Frequency Identification (RFID) technology. This allows drivers to breeze through toll plazas without stopping, as the toll amount is automatically deducted from their linked bank accounts.

Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, recently advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel.

Best FASTag Service Provider In India

Users have a long list of choices to buy a FASTag. You can purchase a FASTag from 32 authorised banks.

The 32 authorised 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, among others.

The banks authorised for issuing FASTags also include Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, Saraswat Bank, Nagpur Nagrik Sahkari Bank, Kotak Mahindra Bank, Karur Vyasya Bank, J&K Bank, IndusInd Bank, Indian Bank, IDFC First Bank, FINO Bank, Equitable Small Finance Bank, Cosmos Bank, City Union Bank Ltd, Central Bank of India, Canara Bank, Bank of Maharashtra, AU Small Finance Bank, and Axis Bank.

On January 31, the Reserve Bank of India directed PPBL to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.

However, RBI on Friday, in a set of FAQs, said that users can continue to use FASTag to pay tolls upto the available balance. However, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024.

It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid an inconvenience.