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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:
- Airtel Payments Bank
- Allahabad Bank
- Au Small Finance Bank
- Axis Bank
- ICICI Bank
- HDFC Bank
- Bank of Baroda
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- City Union Bank Ltd
- Cosmos Bank
- Equitas Small Finance Bank
- Federal Bank
- Fino Payments Bank
- IDBI Bank
- IDFC First Bank
- Indian Bank
- IndusInd Bank
- J&K Bank
- Karnataka Bank
- Karun Vysya Bank
- Kotak Mahindra Bank
- Nagpur Nagarik Sahakari Bank
- Punjab National Bank
- Saraswat Bank
- South Indian Bank
- State Bank of India
- Thrissur District Cooperative Bank
- UCO Bank
- Union Bank of India
- 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.
