- By Aditya Pratap Singh
- Tue, 27 Feb 2024 06:19 PM (IST)
- Source:JND
Banks Authorised For Buying FASTag: Vehicle owners having FASTag linked to Paytm Payments Bank (PPBL) can no longer able to pay tolls after March 15 as the Reserve Bank of India (RBI) barred the bank's operation after the deadline. Following the central bank order, NHAI also removed PPBL from the list of registered FASTag providers.
Recently, Indian Highway Management Company Limited (IHMCL) advised highway users to purchase FASTags from 32 authorized banks. The toll collection arm of state-owned NHAI removed Paytm Payments Bank from the authorised bank list. It has asked users to buy new ones from the authorised banks for hassle-free travel.
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Authorised Bank to buy FASTag
Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, Yes Bank, Union Bank of India, Thrissur District Co-operative Bank, South Indian Bank, Saraswat Bank, Nagpur Citizens Cooperative Bank, Kotak Mahindra Bank, Karur Vyasya Bank, Jammu and Kashmir Bank, IndusInd Bank, Indian Bank, IDFC First Bank, fino bank, Equitable Small Finance Bank, Cosmos Bank, City Union Bank, Central Bank of India, Canara Bank, Bank of Maharashtra, AU Small Finance Bank, Axis Bank
FASTag is a convenient way to pay tolls electronically. It uses Radio Frequency Identification (RFID) technology, which allows drivers to pass through toll plazas without stopping, as the toll money is automatically deducted from the linked bank accounts.
RBI action on Paytm Payment Bank
On January 31, the Reserve Bank of India directed Paytm Payment Bank to stop accepting deposits or top-ups into existing bank accounts of customers. The central bank had also barred PPBL from top-up wallets, Fastags and other instruments after February 29. Later, the deadline was extended to March 15 for the convenience of Customers. The central bank has also issued FAQs to address around future of PPBL. However, As per RBI's direction, no top-up will be allowed on FASTags issued by Paytm Payments Bank after March 15, 2024.
