NHAI updates list of FASTag users, Paytm Payments Bank removed. Full list of authorised banks, NBFCs here

The National Highway Authority of India (NHAI) has revised its list of banks and non-banking financial companies (NBFCs) authorised to issue FASTags, following the removal of Paytm Payments Bank Ltd (PPBL) due to a directive from the Reserve Bank of India (RBI).

This decision follows the Reserve Bank of India's (RBI) order to shut down Paytm Payments Bank Ltd (PPBL) for non-compliance and supervisory concerns, resulting in its exclusion from the list. The RBI on January 31 asked PPBL to stop most banking services by February 29, a deadline that was later extended to March 15.

List of banks, NBFCs that can issue FASTags

The updated list comprises 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.

Other banks and NBFCs authorised to issue FASTags are Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Equitas Small Finance Bank, Bank of Maharashtra, Dombivli Nagari Sahakari Bank, City Union Bank Ltd, Federal Bank, Fino Payment Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Saraswat Bank, South Indian Bank, Syndicate Bank, The Jalgaon People's Co-op Bank, Thrissur District Cooperative Bank, and UCO Bank.

The revised list aims to provide vehicle owners with more options and facilitate an efficient transition to the electronic toll collection system.

What are Paytm FASTag holders advised to do?

Paytm FASTag holders are advised to seek a refund of their security money from the company. For this, they will have to call Paytm FASTag customer care number and choose the option to remove the FASTag permanently.

After this, the FASTag holder will get a text message and has to click on the link. Following this, they have to select their car number and remove the FASTag from the car's windscreen, in what is called the closure process. After this, they have to upload the photo on the Paytm app.

BSE warns investors solely registered with PPBL

Moreover, investors who have registered solely with PPBL for their trading accounts have been advised by BSE to register an account with another bank. This advice was issued to avoid any disruption following the RBI's restrictions on PPBL, which include a ban on accepting fresh deposits and conducting credit transactions after February 29, later extended to March 15.