The National Highways Authority of India (NHAI) has issued an advisory to Paytm FASTag users to switch to another bank FASTag before March 15 to ensure seamless travel experience and avoid inconvenience at toll plazas. The NHAI also said that switching to another bank FASTag would help users avoid penalties or double fee charges while commuting on national highways.
“In line with the guidelines issued by the Reserve Bank of India regarding restrictions on Paytm Payments Bank, the Paytm FASTags users will not be able to recharge or top-up the balance post 15th March 2024. However, they can use their existing balance to pay the toll beyond the stipulated date,” stated NHAI.
NHAI urged all Paytm FASTag users to take proactive measures to ensure a seamless travel experience on national highways across the country.
The highways authority had also updated its list yesterday of banks and financial companies that are authorised to issue FASTags.
The updated list issued by the NHAI includes 39 entities including Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.
Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Equitas Small Finance Bank, Fino Payment Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank are some of the other authorised banks and NBFCs that are allowed to issue FASTags.
NHAI’s advisory comes after the Reserve Bank of India, on January 31, ordered the closure of Paytm Payments Bank due to non-compliance and supervisory concerns.