- By Aditya Pratap Singh
- Fri, 16 Feb 2024 03:14 PM (IST)
- Source:JND
Indian Highways Management Company Limited (IHMCL) removed Paytm Payments Bank from the authorised bank list for buying FASTag and advised highway users to purchase FASTags from 32 other authorized banks for hassle-free experience at toll plazas. IHMCL is the toll collection unit of state-owned NHAI.
The 32 approved banks include Airtel Payments Bank, HDFC Bank, ICICI Bank, Allahabad Bank, Bank of Baroda, IDBI Bank, Punjab National Bank, Yes Bank, and State Bank of India.
Travel hassle-free with FASTag! Buy your FASTag today from authorised banks. @NHAI_Official @MORTHIndia pic.twitter.com/Nh798YJ5Wz
— FASTagOfficial (@fastagofficial) February 14, 2024
On January 31, RBI directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in existing accounts, wallets, and FASTags after February 29.
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However, Customers are allowed to use available balances from savings bank accounts, current accounts, prepaid products, FASTag and National Public Mobility Card. As per RBI's directions any interest, cashbacks or refunds will be credited back to customers at any time.
The central bank said in a statement that the direction follows persistent non-compliance and persistent material monitoring concerns. As per RBI guidelines, FASTag users are encouraged to complete the 'Know Your Customer' (KYC) process of their latest FASTag, IHMCL said.
With a penetration rate of around 98 per cent and 8 crore users, FASTags work on radio frequency identification (RFID) technology, which allows users to pay highway tolls directly from their linked bank accounts. It's like a prepaid tag mounted on your vehicle's windshield that automatically scans when you pass a toll booth, eliminating the need to stop and pay manually. FASTag is mandatory for all vehicles in India from February 15, 2021.