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  4. Paytm Payments Bank removed from FASTag issuers list | Check full list of NHAI-authorized banks

Paytm Payments Bank removed from FASTag issuers list | Check full list of NHAI-authorized banks

FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.

Edited By: Arushi Jaiswal @JaiswalArushi New Delhi Published on: March 13, 2024 11:33 IST
FASTag
Image Source : PTI (FILE) Vehicles pass through dedicated FASTag lanes at a toll plaza.

FASTags authorised banks: The National Highway Authority of India (NHAI) has updated the list of authorized banks and non-banking financial companies (NBFCs) which can issue FASTags. The revised list does not include Paytm Payments Bank has been removed from the list of authorised banks for FASTags.  The list of authorised banks includes Airtel Payments Bank, HDFC Bank, ICICI Bank, and the State Bank of India, among others.

The Reserve Bank of India (RBI) has prohibited Paytm Payments Bank Ltd (PPBL) from conducting certain operations, including those related to FASTags, due to non-compliance and supervisory concerns. Earlier in January, the RBI had advised customers as well as merchants of PPBL to shift their accounts to other banks by March 15.

The Indian Highways Management Company Ltd (IHMCL), responsible for toll collection on highways, has also advised travellers to purchase FASTags from authorised banks, excluding Paytm Payments Bank (PPBL) for seamless travel. 

As of March 15, 2024, FASTags issued by Paytm Payments Bank will no longer support top-up or recharge functionalities. However, according to the Reserve Bank of India (RBI), travellers can still use their existing FASTags to pay tolls until the available balance is exhausted. Additionally, the RBI has instructed PPBL customers and merchants to transition their accounts to other banks by the same date, providing a 15-day extension to PPBL to wind down its operations.

Full list of authorised banks/NBFCs

  • Airtel Payments Bank
  • Allahabad Bank
  • AU Small Finance Bank
  • Axis Bank Ltd
  • Bandhan Bank
  • Bank of Baroda
  • Bank of Maharashtra
  • Canara Bank
  • Central Bank of India
  • City Union Bank Ltd
  • Cosmos Bank
  • Dombivli Nagari Sahakari Bank
  • Equitas Small Finance Bank
  • Federal Bank
  • Fino Payment Bank
  • HDFC Bank
  • ICICI Bank
  • IDFC First Bank
  • Indian Bank
  • Indian Overseas Bank
  • IndusInd Bank
  • J&K Bank
  • Karnataka Bank
  • Karur Vysya Bank
  • Kotak Mahindra Bank
  • LivQuik Technology Pvt Ltd
  • Nagpur Nagarik Sahakari Bank Ltd
  • 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 Cooperative Bank 
  • UCO Bank
  • Yes Bank

What are the benefits of using FASTag?

  • Ease of payment - No need to carry cash for the toll transactions, saves time.
  • Online Recharge - Tag can be recharged online through MyFASTag App along with
  • Debit Card / NEFT/ RTGS or Net banking through Payment Gateway
  • SMS alerts for toll transactions, low balance, etc
  • Online Portal for customers.

Also Read: GST rule change, FASTag deactivation among key financial changes in March 2024 | Check list

Also Read: Can you continue to use Paytm FASTag for toll payments? Check RBI FAQs for customers

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