New Delhi: The National Highway Authority of India (NHAI) updated list of authorized banks and non-banking financial companies (NBFCs) which can issue FASTags. This comes after the Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from certain operations including FASTags citing non-compliance and supervisory concerns. Paytm Payments Bank has been removed from the list of authorised 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.
“It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience,” RBI said in the FAQs.
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.
Comments are closed.