NHAI Announces Authorized Banks for FASTag Purchase as Paytm Payments Bank Omitted

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NHAI Announces Authorized Banks for FASTag Purchase as Paytm Payments Bank Omitted

The National Highways Authority of India (NHAI) has issued a directive urging individuals to procure FASTags exclusively from authorized banks, with Paytm Payments Bank notably absent from the list. This move comes in the wake of the Reserve Bank of India’s (RBI) decision to bar Paytm Payments Bank from offering services starting next month, rendering Paytm FASTags ineffective after February 29, 2024.

NHAI has released a comprehensive list of 32 banks from which commuters can obtain FASTags, ensuring seamless passage through toll plazas across the country. This measure aims to facilitate the transition for FASTag users affected by the impending cessation of services by Paytm Payments Bank.

The list includes:

1. Airtel Payments Bank
2. Allahabad Bank
3. Au Small Finance Bank
4. Axis Bank
5. ICICI Bank
6. HDFC Bank
7. Bank of Baroda
8. Bank of Maharashtra
9. Canara Bank
10. Central Bank of India
11. City Union Bank Ltd
12. Cosmos Bank
13. Equitas Small Finance Bank
14. Federal Bank
15. Fino Payments Bank
16. IDBI Bank
17. IDFC First Bank
18. Indian Bank
19. IndusInd Bank
20. J&K Bank
21. Karnataka Bank
22. Karun 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

In compliance with RBI guidelines, NHAI is actively promoting the completion of the ‘Know Your Customer’ (KYC) process for existing FASTag users, enhancing the security and efficiency of electronic toll collection systems.

Additionally, NHAI initiated the ‘One Vehicle, One FASTag’ campaign in January 2024 to deter the practice of utilizing a single FASTag for multiple vehicles or associating multiple FASTags with a single vehicle. This initiative aims to streamline toll collection processes and ensure fair and equitable usage of FASTags.

As the deadline approaches for the discontinuation of Paytm FASTags, NHAI emphasizes the importance of obtaining FASTags from authorized banks to avoid any disruptions in toll services. Commuters are encouraged to act promptly and adhere to NHAI’s guidelines to ensure seamless movement at toll plazas and contribute to the efficiency of the electronic toll collection system.

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