Latest Update on FastTag : Through the FASTagOfficial Twitter account, the National Highway Authority of India (NHAI) sent a tweet on Thursday that included a list of 32 authorized banks where consumers may buy a FASTag.
“With FASTag, travel without fuss! The National Highways Authority of India (NHAI)’s electronic tolling subsidiary, Indian Highways Management Company (IHMCL), said on its official X (previously Twitter) platform, “Purchase your FASTag today from below authorised banks.”
One prominent name that was absent from that list was Paytm Payments Bank, which the NHAI had removed from its most recent list of 32 banks that were approved to use the FASTag service.
More than 20 million Paytm Fastags customers would be impacted by the removal of Paytm Payments Bank from the list.
Previous limits on Paytm Payments Bank were placed in place by the Reserve Bank of India (RBI), which forbade the company from taking deposits or top-ups in customer accounts, including prepaid devices like wallets and FASTags, after February 29.
Paytm responded to these worries by releasing a series of FAQs telling customers that, despite some changes, they could still use their FASTags. That being said, the key is to comprehend how Paytm FASTags work.
To use the Paytm FASTag for highway tolls, it must be recharged. The Paytm Wallet is used to recharge the Paytm FASTag. The money that is added to the Paytm Wallet then becomes available for use with the Paytm FASTag.
For example, a customer can utilize the Rs 1000 they put to their Paytm Wallet to pay bills and create a Paytm FASTag.
However, consumers won’t be able to add money to their wallets because the Paytm Wallet is supported by Paytm Payments Bank, which has been ordered by the RBI to cease major activities after March 15, 2024.
This implies that any amount that is now available in the Paytm Wallet may be used to pay FASTag tolls; however, once that balance is depleted, there is no option to continue utilizing it.
There have been rumors that the Paytm Payments Bank is moving its headquarters to another bank. According to media sources, Jio Financial Services and HDFC Bank were keen to collaborate with the Paytm Payment Banks.
Users may still be able to use their Paytm FASTags if Paytm Payments Bank is able to get support from any of the private lenders during these difficult circumstances.
Nevertheless, the finance business has not provided any such explanation.
In an effort to steer the fintech startup to safe waters, Paytm’s founder and CEO, Vijay Shekhar Sharma, had already met with Finance Minister Nirmala Sitharaman and an RBI official.
Other banks offering FASTags
Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Equitas Small Finance Bank, Federal Bank, and Allahabad Bank are among the banks that have been included to the new NHAI list.
Additionally, the list includes the following banks: Yes 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 Fino Payments Bank.
[…] Highways Management Company (IHMCL), said on its official X (previously Twitter) platform, “Purchase your FASTag today from below authorised […]