Indian Highways Management Company Ltd (IHMCL), the toll-collecting arm of the state-owned NHAI, has recommended purchasing FASTags from authorized banks for hassle-free travel. In a post on X, IHMCL highlighted that highway users can purchase FASTags from 32 authorized banks, excluding Paytm Payments Bank, to ensure seamless travel. These banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, Yes Bank, among others.
RBI Directive on Paytm Payments Bank
On January 31, the Reserve Bank directed Paytm Payments Bank (PPBL) to cease accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29. However, customers may receive interest, cashbacks, or refunds at any time. This directive was issued due to persistent non-compliances and continued material supervisory concerns, as stated by the central bank.
FASTag Technology Benefits
With a penetration rate of approximately 98 per cent and over 8 crore users, FASTags, utilizing radio frequency identification (RFID) technology, enable users to pay highway toll charges directly from linked bank accounts. IHMCL encourages FASTag users to complete the ‘Know Your Customer‘ (KYC) process for their latest FASTags in accordance with RBI guidelines.
(With PTI Inputs)