ACTION PUNJAB NEWS Desk: The National Highway Authority of India (NHAI) has recently made changes to its list of authorised banks for FASTag services, removing Paytm Payments Bank Ltd (PPBL) amidst regulatory scrutiny. The updated list now comprises 30 banks, including payment banks, scheduled commercial banks, and small finance banks.
The banks currently authorised by NHAI for FASTag services are as follows:
- 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
- Federal Bank
- Fino Payments Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- Indian Bank
- IndusInd Bank
- Jammu and Kashmir 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
- Yes Bank
Travel hassle-free with FASTag! Buy your FASTag today from authorised banks. @NHAI_Official @MORTHIndia pic.twitter.com/Nh798YJ5Wz
— FASTagOfficial (@fastagofficial) February 14, 2024
FASTag, employing Radio Frequency Identification (RFID) technology, facilitates toll payments while the vehicle is in motion. The RFID chip is affixed to the vehicle’s windscreen, enabling direct toll payments from the linked account. FASTag is operational at more than 750 toll plazas nationwide, covering all national highways and over 100 state highway toll plazas.
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The management of NHAI Fastag falls under the purview of the Indian Highways Management Company Ltd.
The decision to exclude Paytm from the list of authorised banks follows regulatory actions imposed on Paytm Payments Bank by the Reserve Bank of India (RBI) on January 31. These actions included significant business restrictions, such as halting fresh deposits and credit transactions after February 29. Moreover, the RBI had earlier prohibited Paytm Payments Bank from onboarding new customers since March 2022.
RBI’s directives to terminate the nodal accounts of One97 Communications and Paytm Payments Services further underscore the ongoing dispute and its repercussions on Paytm’s banking operations.
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(Inputs from agencies)
