The road-tolling authority released a list of 32 banks that were authorised to issue new FASTags for vehicles, but Paytm Payments Bank was left off of it, adding fuel to the ongoing controversy following the Reserve Bank of India crackdown.
Following the Reserve Bank of India crackdown, the road-tolling authority released a list of 32 banks that were authorised to issue new FASTags for vehicles. However, Paytm Payments Bank was left off of the list, which fueled the ongoing controversy. In an X post, the National Highways Authority of India (NHAI) toll collection arm of the Indian Highway Management Company (IHMCL), released a list of 32 authorised banks for FASTag installation on vehicles. In the X post, IHMCL quoted ‘‘Travel hassle-free with FASTag! Buy your FASTag today from authorised banks’’ without mentioning the name of Paytm in the list of 32 banks.
After the RBI's order imposing restrictions on Paytm Payments Bank (PPBL), it appears that the company's troubles are still on the road. This major update for Paytm FASTag users is that Paytm Payments Bank has been removed from the list of authorised banks that can issue new FASTags. Around 20 million Paytm FASTag users will now need to get new RFID stickers, according to a recommendation made by the road highway toll authority. The recommendation calls for users to only obtain FASTags from approved banks, listing 32 banks specifically. Paytm Payments Bank has been left off of the list.
The Economic Times, citing sources, stated that Paytm Payments Bank was excluded from the list in order to guarantee that Paytm FASTag users would not experience any problems at tolling booths following the RBI's deadline of February 29.
Important information: Paytm FASTag users can use it to pay highway tolls until their account balance is depleted, but they will not be able to recharge it after February 29, 2024.
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