Giving another shock to Paytm Payments Bank (PPBL), the toll collecting firm of state-owned NHAI, Indian Highways Management Company Ltd (IHMCL) has now issued a list of 32 banks that are authorized to issue FASTags for hassel free travel. The list does not include PPBL.In a post on X, IHMCL said for hassle-free travel, buy your FASTag from 32 authorized banks.Travel hassle-free with FASTag! Buy your FASTag today from authorised banks. @NHAI_Official @MORTHIndia pic.twitter.com/Nh798YJ5Wz— FASTagOfficial (@fastagofficial) February 14, 2024The 32 authorized 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.The official handle also mentions that FASTag that is linked to a specific vehicle and cannot be transferred to another vehicle.The move by the company has come after the Reserve Bank of India directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers anytime.The central bank had stated in a statement that the directive was in response to ongoing serious supervisory concerns and chronic non-compliances.According to RBI rules, IHMCL has said that it encourages users of FASTags to finish the Know Your Customer (KYC) process on their most recent FASTag.Based on radio frequency identification (RFID) technology, FASTags enable users to pay highway toll rates directly from the associated bank accounts. They have over 8 crore users and a penetration rate of almost 98%.
