National Highway Authority of India (NHAI) has issued an important advisory for Paytm Payments Bank-issued Fastag users. According to the official press release, NHAI has advised the users to get a new Fastag issued by another bank before March 15 to make seamless toll payments and also avoid penalties or double toll charges while travelling on National Highways across the country.
This new advisory comes in line with the Reserve Bank of India’s (RBI) ban imposed on Paytm Payments Bank Limited (PPBL) where the central bank directed PPBL to stop accepting new deposits and top-ups in any customer accounts, wallets, Fastags and other instruments after February 29, which later got extended to March 15.
To comply with RBI’s directives, NHAI removed Paytm Payments Bank Limited (PPBL) from the list of approved Fastag providers. Also, RBI’s FAQ on Paytm Payments Bank-related queries clarified that Fastags are non-transferable and users will be required to close the existing PPBL-issued Fastag account and get a new one. They can also ask for a refund, in case of a pending account balance. It is also to be noted that users can continue to make payments with the existing balance in their PPBL-issued Fastag.
Here’s a list of 32 banks and financial institutions that are currently authorised as Fastag providers.
