Paytm FASTag users should switch by March 15, know which banks have options here

Paytm Payments Bank (PPBL) can no longer provide FASTag service. This is because the Reserve Bank of India (RBI) has extended the deadline for closure of operations till March 15, 2024. NHAI also removed PPBL from the list of registered FASTag providers.

Paytm Payments Bank (PPBL) can no longer provide FASTag service. This is because the Reserve Bank of India (RBI) has extended the deadline for closure of operations till March 15, 2024. NHAI had also removed PPBL from the list of registered FASTag providers.

FASTag is a convenient way to pay toll electronically in India. The National Highways Authority of India (NHAI) operates it. It uses Radio Frequency Identification (RFID) technology. This allows drivers to pass through toll plazas without stopping, as the toll money is automatically deducted from the linked bank accounts.

Indian Highway Management Company Limited (IHMCL), the toll collection arm of state-owned NHAI, recently advised highway users to purchase FASTags from 32 authorized banks without Paytm Payments Bank for hassle-free travel.

On January 31, the Reserve Bank of India directed PPBL to stop accepting deposits or top-ups into any customer accounts, wallets, Fastags and other instruments after February 29. However, RBI said in a set of FAQs that users can continue to use FASTag to pay toll using the remaining balance amount. However, no further funding or top-up will be allowed on FASTags issued by Paytm Payments Bank after March 15, 2024. Customers are advised to purchase a new Fastag issued from any other bank before March 15.

They are providing Fastag service in India

Users have a long list of options to buy Fastag. You can buy FASTag from 32 registered banks. The 32 authorized banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India and Yes Bank. These are also among the registered banks to issue FASTags.

1. Union Bank of India
2. Thrissur District Co-operative Bank
3. South Indian Bank, Saraswat Bank
4. Nagpur Citizens Cooperative Bank
5. Kotak Mahindra Bank
6. Karur Vyasya Bank
7. Jammu and Kashmir Bank
8. IndusInd Bank
9. Indian Bank
10. IDFC First Bank
11. Fino bank
12. Equitable Small Finance Bank
13. Cosmos Bank
14. City Union Bank
15. Central Bank of India
16. Canara Bank
17. Bank of Maharashtra
18. AU Small Finance Bank
19. Axis Bank