The National Highway Authority of India (NHAI) has revised its roster of approved banks and non-banking financial companies (NBFCs) authorized to issue FASTags. This update follows the Reserve Bank of India (RBI) imposing restrictions on Paytm Payments Bank Ltd (PPBL), including its participation in FASTag operations, due to concerns over non-compliance and supervision. As a consequence, Paytm Payments Bank has been exclude from the list of authorized banks for FASTags.
This means that Paytm FASTags will become non-functional from March 15 but users can utilise their available balance, request a refund or cashback. Although you will be able to close their old FASTag and request for a refund, as per frequently asked questions (FAQs) announced by the RBI.
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List of banks, NBFCs that can issue FASTags
The list includes 39 banks and NBFCs which can issue FASTags to vehicle owners. Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Yes Bank are in the list.
Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Central Bank of India, City Union Bank Ltd, Cosmos Bank, Dombivli Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Saraswat Bank, South Indian Bank, Syndicate Bank, The Jalgaon People’s Co-op Bank, Thrissur District Cooperative Bank and UCO Bank are also in the list.
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What are Paytm FASTag holders advise to do?
Paytm FASTag holders are advise to seek a refund of their security money from the company. For this, they will have to call Paytm FASTag customer care number and choose the option to remove the FASTag permanently.
After this, the FASTag holder will get a text message and has to click on the link. Follow this, they have to select their car number and remove the FASTag from the car’s windscreen, in what is called the closure process. After this, they have to upload the photo on the Paytm app.
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