NHAI Issues Updated FASTag Issuer List Amid Paytm Bank Crisis; Check Full Details Here

The updated list now comprises 39 entities, including Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, CICI Bank, IDFC First Bank and more

This update aims to provide vehicle owners with more options and streamline the transition to the electronic toll collection system ( Image Source :Getty )

The National Highway Authority of India (NHAI) has updated its list of authorised banks and financial institutions for issuing FASTags, omitting Paytm Payments Bank Ltd (PPBL). This development follows the Reserve Bank of India’s (RBI) directive to PPBL to cease most banking operations by February 29, with an extended deadline until March 15, due to compliance and supervisory concerns.

The updated list now comprises 39 entities, including Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, and YES Bank, among others.

Additional banks and non-banking financial companies (NBFCs) authorised 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.

This update aims to provide vehicle owners with more options and streamline the transition to the electronic toll collection system.

Existing Paytm FASTag holders are advised to request a refund of their security deposit from the company. This can be done by contacting Paytm FASTag customer service, opting to permanently remove the FASTag, and following the closure process, which includes removing the FASTag from the vehicle's windscreen and uploading a photo on the Paytm app.

Moreover, investors who solely rely on PPBL for their trading accounts are cautioned by BSE to register with another bank to prevent disruptions following the RBI's restrictions on PPBL. These restrictions include a cessation of accepting fresh deposits and conducting credit transactions after March 15.