Paytm FASTags will become non-functional from March 15 but users can utilise their available balance, request a refund or cashback.
FASTags authorised banks: The National Highway Authority of India (NHAI) updated list of authorized banks and non-banking financial companies (NBFCs) which can issue FASTags. This comes after the Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from certain operations including FASTags citing non-compliance and supervisory concerns. Paytm Payments Bank has been removed from the list of authorised banks for FASTags.
This means that Paytm FASTags will become non-functional from March 15 but users can utilise their available balance, request a refund or cashback. Although you will be able to close their old FASTag and request for a refund, as per frequently asked questions (FAQs) announced by the RBI.
“It is suggested that you procure a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience,” RBI said in the FAQs.
Which banks are included in FASTag list?
The list includes 39 banks and NBFCs which can issue FASTags to vehicle owners. Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Yes Bank are in the list.
Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Central Bank of India, City Union Bank Ltd, Cosmos Bank, Dombivli Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Saraswat Bank, South Indian Bank, Syndicate Bank, The Jalgaon People’s Co-op Bank, Thrissur District Cooperative Bank and UCO Bank are also in the list.
This article is originally published on Hindustantimes.News!
