The National Highway Authority of India (NHAI) has removed Paytm Payments Bank from its list of 30 authorised banks for the FASTag service, citing regulatory actions against the company.
The updated list by NHAI now includes banks such as 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, and Federal Bank.
Other banks featured in the list are 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, Saraswat Bank, State Bank of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India, and Yes Bank.
FASTag is a device utilising Radio Frequency Identification (RFID) technology for toll payments while the vehicle is in motion.
This development comes as Paytm Payments Bank faces regulatory actions, with the Reserve Bank of India (RBI) directing them to stop accepting deposits or 'top-ups' for accounts, wallets, FASTags, and other products after February 29, 2024.
Existing Paytm FASTags will remain operational post this date, as per RBI mandates. However, users won't be able to add money or make top-ups.
Paytm Payments Bank, recognised as the largest issuer of FASTags in India, has millions of users who may be impacted by this regulatory development.
Some users might be considering deactivating their Paytm FASTags and switching to other providers.
The deactivation process involves logging into the FASTag Paytm Portal, entering required details for verification, clicking on 'Help & Support,' selecting 'Queries Related to Updating FASTag Profile,' choosing 'I Want to Close My FASTag,' and following the provided steps.
For users looking to port their FASTag from Paytm to another provider, they can call the customer care of the new bank, inform them about the intention to switch, provide necessary details, and initiate the porting process.
It's essential to note that once a FASTag is deactivated, reactivation is not possible.
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