PayTM Axed From List Of FASTags-Issuing Banks

PayTM has now been delisted from the list of authorised FASTag issuers by the National Highway Authority of India (NHAI) and its subsidiary the Indian Highway Management Company Limited (IHMCL). The move comes after the digital payments platform was ordered to stop issuing new FASTags last month, followed by the RBI directing the portal to stop accepting deposits, top-ups, etc., from customers from February 29, 2024. The RBI however allowed the platform to offer deposit-based payment services in the intervening period till the balance in an individual's account ran out.

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The move by the NHAI and IHMCL to drop the bank from its official listing looks to be the next logical step. Users of PayTM FASTags are required to source FASTags from other authorised banks before February 29, 2024. The date is also the deadline for vehicle owners to complete all FASTag KYC requirements on existing FASTags. Post the date any FASTags with incomplete KYC details will be blacklisted.

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As per PTI, NHAI officials estimate there to be over 8 crore FASTag users in the country with PayTM holding a roughly 30 per cent share in the space. This equates to over 2 crore users with PayTM FASTags on their vehicles.

IHMCL has released its latest list of approved banks issuing FASTags. The list includes names such as Central Bank of India, ICICI Bank, HDFC, State Bank of India, Kotak Mahindra Bank, Axis Bank, Canara Bank, Union Bank of India, IDBI, IDFC First and more.