IHMCL has advised highway users to FASTags from 32 authorised banks without Paytm Payments Bank (PPBL) for smooth travel.
The Indian Highways Management Company Ltd (IHMCL) has advised highway users to FASTags from 32 authorised banks without Paytm Payments Bank (PPBL) for smooth travel. The authority has also mentioned the 32 banks.
The list includes --Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.
Reserve Bank of India (RBI) in its frequently asked questions (FAQs), clarified that people can continue with their current FASTags to pay tolls up to the available limit. RBI has also advised customers and merchants of Paytm Payments Bank Ltd to switch their accounts to other banks by March 15.
Here are some of the answers to FAQs by RBI regarding the FASTag issued by Paytm Payments Bank:
I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024?
Yes. You can continue to use your FASTag to pay tolls up to the available balance. However, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. You should procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience.
I have a FASTag issued by Paytm Payments Bank. Can I recharge the balance after March 15, 2024?
No. After March 15, 2024, you cannot top-up or recharge your FASTag issued by Paytm Payments Bank. You should procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience.
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Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank?
Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.
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