NHAI Updates List of Authorized Banks for FASTags Following RBI Action Against Paytm Payments Bank

In response to recent developments, the National Highway Authority of India (NHAI) has revised the list of authorized banks and non-banking financial companies (NBFCs) eligible to issue FASTags. This update comes after the Reserve Bank of India (RBI) took action against Paytm Payments Bank Ltd (PPBL), removing it from the list of authorized banks for FASTags due to non-compliance and supervisory concerns.

Key Points:

1. RBI Action Against Paytm Payments Bank:
   • Following concerns over non-compliance and supervisory issues, the RBI barred Paytm Payments Bank Ltd from certain operations, including FASTags.
   • Paytm Payments Bank has been officially removed from the list of authorized banks for issuing FASTags.
2. Impact on Paytm FASTag Users:
   • Paytm FASTags will become non-functional from March 15, 2024.
   • Users can utilize their available balance, request a refund, or opt for cashback.
   • The RBI recommends procuring a new FASTag from another bank before March 15 to avoid inconvenience.
3. List of Authorized Banks for FASTags:
   • The updated list includes 39 banks and NBFCs eligible to issue FASTags to vehicle owners.
   • Notable entities on the list are Airtel Payments Bank, Axis Bank Ltd, HDFC Bank, ICICI Bank, State Bank of India, and Yes Bank, among others.
4. Refund and Closure Options:
   • Users can close their old FASTags and request a refund, as per the RBI’s FAQs.
   • The NHAI emphasizes the importance of procuring a new FASTag before the specified deadline.
5. Authorized Banks and NBFCs:
   • The list encompasses Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Central Bank of India, Dombivli Nagari Sahakari Bank, and various others.

This development highlights the regulatory actions taken to ensure compliance and streamline the FASTag issuance process. Vehicle owners are urged to act promptly, securing a new FASTag from the authorized banks to avoid disruptions in toll payments and facilitate a seamless transition.

Also read: https://newseense.com/paytms-strategic-move-focusing-on-banking-partnerships/

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