Paytm FASTag: The National Highway Authority of India (NHAI) has recently revised its list of approved banks and non-banking financial companies (NBFCs) authorized to distribute FASTags, which are essential for electronic toll collection. This update follows the Reserve Bank of India’s (RBI) directive to shut down Paytm Payments Bank Ltd (PPBL) due to regulatory non-compliance and supervisory issues, resulting in its exclusion from the authorized list.
The updated list now encompasses 39 banks and NBFCs permitted to dispense FASTags to vehicle owners. Among these reputable institutions are Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Yes Bank, IDFC First Bank, IndusInd Bank, Punjab National Bank, Kotak Mahindra Bank and State Bank of India.
Additional banks and NBFCs authorized to issue FASTags include Allahabad Bank, Central Bank of India, City Union Bank Ltd, AU Small Finance Bank, Bank of Maharashtra, Cosmos Bank, Dombivli Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, J&K Bank, Fino Payment Bank, Indian Bank, Indian Overseas 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.
NHAI’s exclusion of PPBL from the list of FASTag issuers follows the RBI’s directive to cease operations of the payments bank due to regulatory non-compliance and supervisory concerns.
The updated list of authorized FASTag issuers aims to offer vehicle owners a broader selection of options, facilitating a seamless transition to the electronic toll collection system. This initiative seeks to streamline the payment process and alleviate congestion at toll plazas nationwide.