The NHAI has recommended that Paytm FASTag users obtain a new FASTag from a different bank.
They’ve issued this advisory, urging all vehicle owners to replace their Fastags by March 13th.
As per the Ministry of Road Transport and Highways, activating a new Fastag will help vehicle owners avoid paying double toll on highways after March 15.
This advisory is in response to the RBI ban on Paytm Payments Bank.
RBI has banned Paytm Payments Bank
Paytm Payments Bank has been banned by the Reserve Bank of India from accepting deposits, with the deadline set for March 15.
As a result of this restriction, the Payments Bank is unable to accept any deposits or top-ups.
Consequently, Paytm Fastag recharge services will cease after March 15. This advisory was issued by NHAI in compliance with RBI guidelines on Wednesday.
Money will not be deposited in Paytm Fastag after March 15
The Ministry of Road Transport and Highways stated that, following RBI guidelines, Paytm Fastag won’t accept deposits after March 15.
Nonetheless, users can still utilize their existing balance. People are encouraged to get the new Fastag.
For more information about Paytm Fastag, users can also check the FAQs on their bank’s website or the Indian Highways Management Company website.
List of 39 banks and NBFCs issuing Fastag released
NHAI has updated the list of banks and NBFCs issuing Fastag, including 39 new additions to the list.
The banks and institutions now issuing Fastags include Airtel Payments Bank, Allahabad Bank, AU Small Finance Bank, Axis Bank, Bandhan Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Dombivali Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Jammu & Kashmir Bank, Karnataka Bank, Karur Vyas Bank, and Kotak Mahindra Bank.
Additionally, Livquick Technology Pvt. Ltd., Nagpur Citizens Co-operative Bank, Punjab Maharashtra Bank, Punjab National Bank, Saraswat Bank, South Indian Bank, State Bank of India, Syndicate Bank, The Jalgaon People’s Co-op Bank, Thrissur District Co-operative Bank, UCO Bank, Union Bank of India, and Yes Bank are also among the institutions issuing Fastags.
