Paytm Payments Bank dropped from list of FASTag issuers: View authorised banks here

PTC News Desk: In a significant development, Paytm Payments Bank has been removed from the list of authorized banks for issuing FASTags, as announced by the National Highway Authority of India (NHAI). This decision follows the Reserve Bank of India's (RBI) directive to bar Paytm Payments Bank Ltd (PPBL) from certain operations, including FASTags, due to non-compliance and supervisory concerns.

Effective immediately, Paytm FASTags will cease to function from March 15. However, users can still utilize any available balance on their Paytm FASTags, request a refund, or claim cashback. The removal of Paytm Payments Bank from the list of authorized issuers necessitates users to seek alternatives for their FASTag needs.

The NHAI has updated its list of authorised banks and non-banking financial companies (NBFCs) that are permitted to issue FASTags. In light of this change, users are advised to procure a new FASTag issued by another authorized bank before March 15 to avoid any inconvenience.

According to the RBI's Frequently Asked Questions (FAQs), users will have the option to close their old Paytm FASTag and request a refund. However, it is strongly recommended to transition to a FASTag issued by a different authorized bank to ensure uninterrupted service.

This development underscores the importance of regulatory compliance and adherence to standards within the digital payment ecosystem. Users are encouraged to stay informed and take necessary steps to address any potential disruptions in their FASTag services.

Also Read: Five-eyes ally raises doubts on Canada's evidence in Nijjar assassination

Also Read: Massive explosion in China's Yanjiao causes damage to numerous buildings and vehicles: Reports

Which banks and NBFCs are included in the FASTag list?

The list comprises 39 banks and non-banking financial companies (NBFCs) authorized to issue FASTags to vehicle owners. Notable institutions included in the list are 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.

Additionally, 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 included in the list.

Also Read: Haryana Chief Minister Manohar Lal Khattar resigns amid BJP-JJP discord over Lok Sabha seats

Also Read: How to apply for Indian citizenship under CAA | Explained

(Inputs from agencies)