India’s road toll authority, the Indian Highways Management Company, has released a list of 32 authorized banks for purchasing Fastags, omitting Paytm Payments Bank, as per reports. Highway users are advised to procure Fastags from this list, excluding Paytm Payments Bank, according to an ET report.
This implies that approximately 20 million Paytm Fastags users will need to obtain new RFID (radio frequency identification) stickers.
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Authorized Banks for Fastags
The authorized banks for Fastags now include 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, J&K Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank, Punjab National Bank, Saraswat Bank, South Indian Bank, State Bank of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India, and Yes Bank.
Paytm is potentially fighting for its survival after the central bank ordered halting much of its business activities, according to a recent note by the Macquarie Group. After the recent RBI curbs, “Paytm faces a serious risk of customer exodus which significantly jeopardises its monetization and business model,” Macquarie analysts Suresh Ganapathy and Punit Bahlani, wrote in the note.
Paytm has lost about Rs 27,000 crore, or 57% of its value, in the last 11 days after the RBI issued a ban on the payments bank which also houses Paytm wallet.
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