Updated February 16th, 2024 at 12:34 IST

FASTag Advisory: IHMCL Recommends 32 Banks For FASTag, Excludes PBBL From The List

IHMCL advises using authorised banks for FASTags, excluding Paytm. RBI directs Paytm to halt deposits; other balances remain usable.

Reported by: Garvit Parashar
IHMCL Excludes PBBL From Authorised The List For FASTag | Image:PTI
Advertisement

After the RBI imposed restrictions on Paytm, the Indian Highways Management Company Ltd (IHMCL), the toll collection unit of the state-owned NHAI has posted an advisory through twitter. In this post they have advised the highway users to purchase the FASTags from the authorised 32 banks in which they have excluded the Paytm Payments Bank.

In a post on X, IHMCL recommended, "For hassle-free travel, purchase your FASTag from one of the 32 authorised banks."

Advertisement

Among the 32 authorised banks are 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.

Advertisement

On January 31, the Reserve Bank directed Paytm Payments Bank (PPBL) to cease accepting deposits or top-ups in any customer accounts, wallets, FASTTags, and other instruments after February 29.

Customers are permitted to utilise the balance from other accounts, including savings bank accounts, current accounts, prepaid products, FASTag, and National Common Mobility Card, until the balance is depleted.

Advertisement

However, any interest, cashbacks, or refunds may be reimbursed to customers at any time.

The directive came after persistent non-compliances and ongoing material supervisory concerns, as stated by the central bank.

Advertisement

 

Advertisement

Published February 16th, 2024 at 12:34 IST