New Delhi: The National Highways Authority of India (NHAI) has released an official statement urging users of Paytm FASTags to switch to FASTags issued by other banks. This advisory comes in the wake of the Reserve Bank of India’s (RBI) guidelines imposing restrictions on Paytm Payments Bank.
- Deadline for New FASTag: Users are advised to procure a new FASTag from an alternative bank by March 15, 2024, to ensure uninterrupted travel and avoid inconveniences at toll plazas.
- Avoiding Penalties: The switch is crucial to prevent penalties or double fee charges while commuting on National Highways.
- Recharge Restrictions: Post-March 15, Paytm FASTag users will not be able to recharge or top-up their balances due to RBI’s restrictions on Paytm Payments Bank.
- Existing Balance Usage: Users can still utilize their existing balance on their Paytm FASTags to pay tolls after the deadline.
Additional Information:
- NHAI-Authorised FASTag Issuers: A comprehensive list of NHAI-authorised FASTag issuers is available for users considering the transition.
- The NBFCs and banks listed on the revised list of FASTag issuers approved by the NHAI are Airtel Payments Bank, Allahabad Bank, Bandhan Bank, Bank of Baroda, Central Bank of India, City Union Bank Ltd, AU Small Finance Bank, Axis Bank Ltd, Bank of Maharashtra, Canara Bank, Cosmos Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, Dombivli Nagari Sahakari Bank, HDFC Bank, IDBI Bank, IDFC First Bank, ICICI Bank, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Indian Overseas Bank, J&K Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, LivQuik Technology Pvt Ltd, Punjab National Bank, Saraswat Bank, State Bank of India, Syndicate Bank, South Indian Bank, The Jalgaon People’s Co-op Bank, UCO Bank, Union Bank of India, Thrissur District Cooperative Bank, and Yes Bank
- Customer Guidance: NHAI recommends that Paytm FASTag users contact their respective banks or consult the FAQs on the Indian Highway Management Company Limited (IHMCL) website for further assistance.
Impact:
This change is expected to affect a significant number of users, as Paytm Payments Bank holds a substantial market share in the FASTag segment. Adherence to the NHAI advisory is essential for a hassle-free experience on National Highways post-March 15, 2024.
The NHAI’s directive aligns with RBI’s efforts to regulate the digital payments landscape in India. Users are encouraged to act promptly and switch to approved FASTag providers to ensure smooth and secure toll payments on national highways.
For more detailed information, users can refer to the latest updates and advisories provided by NHAI and RBI.
