Kopar Khairane

Paytm is no longer listed as an approved bank for FASTags by the toll collection division of the NHAI

<p>The Indian Highways Management Company Ltd. (IHMCL) has recommended highway users to purchase FASTags from 32 recognized banks without Paytm Payments Bank for hassle-free travel, after the Reserve Bank of India’s prohibition of the Paytm Payments Bank a few weeks ago.</p>
<p><img decoding=”async” class=”alignnone wp-image-415273″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-is-no-longer-listed-as-an-approved-bank-for-fastags-by-the-toll-collection-d-750×500.jpg” alt=”theindiaprint.com paytm is no longer listed as an approved bank for fastags by the toll collection d” width=”1079″ height=”719″ title=”Paytm is no longer listed as an approved bank for FASTags by the toll collection division of the NHAI 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-is-no-longer-listed-as-an-approved-bank-for-fastags-by-the-toll-collection-d-750×500.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-is-no-longer-listed-as-an-approved-bank-for-fastags-by-the-toll-collection-d-1024×683.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-is-no-longer-listed-as-an-approved-bank-for-fastags-by-the-toll-collection-d-768×512.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-is-no-longer-listed-as-an-approved-bank-for-fastags-by-the-toll-collection-d-150×100.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-is-no-longer-listed-as-an-approved-bank-for-fastags-by-the-toll-collection-d.jpg 1200w” sizes=”(max-width: 1079px) 100vw, 1079px” /></p>
<p>In a post on X, IHMCL, the state-owned NHAI’s toll collection arm, advised buying your FASTag from one of 32 approved banks for hassle-free travel.</p>
<p>Some of the 32 approved banks include Punjab National Bank, Yes Bank, ICICI Bank, IDBI Bank, HDFC Bank, Allahabad Bank, Bank of Baroda, Airtel Payments Bank, and State Bank of India.</p>
<p>According to RBI rules, IHMCL has said that it encourages users of FASTags to complete the “Know Your Customer” (KYC) procedure on their most recent FASTag.</p>
<p>Based on radio frequency identification (RFID) technology, FASTags enable users to pay highway toll rates directly from the associated bank accounts. They have over 8 crore users and a penetration rate of almost 98%.</p>
<p>The RBI is considering taking regulatory action against more fintech companies for failures related to KYC.</p>
<p>Wallet service provider and top payments aggregator are two of them.</p>
<p>Fintech companies that operate in the unsecured credit market and serve as middlemen between borrowers and lenders are under pressure.</p>
<p>Paytm Payments Bank (PPBL) was instructed by the Reserve Bank on January 31 to cease taking deposits or top-ups in any client accounts, wallets, FASTags, or other instruments after February 29.</p>
<p>Customers may get a credit for any interest, cashbacks, or refunds at any time.</p>
<p>The central bank had said in a statement that the directive was in response to ongoing serious supervisory concerns and chronic non-compliances.</p>