The National Highway Authority of India (NHAI) has removed Paytm Payments Bank Ltd (PPBL) from its list of 30 authorised banks for FASTag service due to regulatory scrutiny regarding alleged rule violations.
In a post on X, IHMCL said for hassle-free travel, buy your FASTag from 32 authorised banks.
Mentioned below is list of authorised banks from where you can buy FASTag.
List Of Banks For FASTag services
Indian Highways Management Company Ltd, toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel.
Airtel Payments Bank
Allahabad Bank
AU Small Finance Bank
Axis Bank
Bank of Baroda
Bank of Maharastra
Canara Bank
Central Bank of India
City Union Bank
Cosmos Bank
Equitias Small Finance Bank
Federal Bank
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
Sarswat bank
South Indian Bank
State Bank of India
Thrissur District Cooperative bank
UCO Bank
Union bank of India
Yes Bank.
IHMCL has said it is encouraging FASTag users to complete the 'Know Your Customer' process of their latest FASTag as per RBI guidelines.
Travel hassle-free with FASTag! Buy your FASTag today from authorised banks. @NHAI_Official @MORTHIndia pic.twitter.com/Nh798YJ5Wz
February 14, 2024Paytm BarredÂ
A senior NHAI official told news agency PTI that India has over 8 crore FASTag users and Paytm Payments Bank has around 30% market share. Earlier, IHMCL in a letter dated January 19 had barred Paytm Payments Bank from issuing fresh FASTags.
AdvertisementOn January 31, the Reserve Bank directed PPBL to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers any time.
What Is FASTag
FASTag is a simple and reusable tag based on radio-frequency identification technology (RFID) that will be affixed on a vehicle's windscreen. Each FASTag is linked to a registered Paytm Payments Bank wallet / account to facilitate instant automatic deduction of toll charges. This program is part of the National Electronic Toll Collection (NETC) initiative rolled out by NPCI under the guidelines of NHAI & IHMCL.
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