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Updated February 23rd, 2024 at 20:13 IST

Highway authority shuns Paytm's banking arm from list of 32 authorised banks to buy FASTags

This advisory comes in the wake of the Reserve Bank of India's directive to Paytm Payments Bank (PPBL) to cease accepting deposits or top-ups.

Reported by: Business Desk
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Highway authority shuns Paytm's banking arm from list of 32 authorised banks to buy FASTags | Image:X
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IHCL issues advisory: Indian Highways Management Company Ltd (IHMCL), the toll-collecting arm of the state-owned National Highways Authority of India (NHAI), has advised highway users to purchase FASTags from 32 authorised banks for hassle-free travel, excluding Paytm Payments Bank.

The 32 authorised banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others. IHMCL emphasised the importance of buying FASTags from these banks for a smoother travel experience.

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RBI's directive 

This advisory comes in the wake of the Reserve Bank of India's directive to Paytm Payments Bank (PPBL) to cease accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29. However, the RBI stated that any interest, cashbacks, or refunds due to customers may still be credited back at any time.

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The RBI's directive to PPBL was issued due to persistent non-compliance and ongoing material supervisory concerns, as mentioned in a statement by the central bank. Meanwhile, IHMCL is also encouraging FASTag users to complete the 'Know Your Customer' (KYC) process for their latest FASTags following RBI guidelines.

FASTags, which have a penetration rate of around 98 per cent and boast over 8 crore users, operate on radio frequency identification (RFID) technology. They enable users to pay highway toll charges directly from their linked bank accounts, streamlining the toll collection process and reducing travel time.

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Here is a list of banks authorised for FASTags

  1.  Airtel Payments Bank
  2. Allahabad Bank
  3. AU Small Finance Bank
  4. Axis Bank
  5. Bank of Baroda
  6. Bank of Maharashtra
  7. Canara Bank
  8. Central Bank of India
  9. City Union Bank
  10. Cosmos Bank
  11. Equitas Small Finance Bank 
  12. Federal Bank 
  13. FINO Payments Bank 
  14. HDFC Bank
  15. ICICI Bank, 
  16. IDBI Bank,
  17. IDFC First Bank,
  18.  Indian Bank
  19. IndusInd Bank 
  20. J&K Bank 
  21. Karnataka Bank
  22. Karur Vysya Bank
  23. Kotak Mahindra Bank
  24. Nagpur Nagarik Sahakari Bank
  25. Punjab National Bank
  26. Saraswat Bank
  27. South Indian Bank
  28. State Bank of India
  29. Thrissur District Cooperative Bank
  30. UCO Bank
  31. Union Bank of India
  32. Yes Bank

(with PTI inputs)

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Published February 16th, 2024 at 13:57 IST

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