NHAI Removes Paytm FASTag: Impact, Deadline Extension, and Alternatives

The National Highway Authority of India (NHAI) has made a notable decision to exclude Paytm Payments Bank Ltd (PPBL) from its roster of 30 approved banks for FASTag services. This action comes amidst regulatory apprehensions concerning purported breaches of regulations. Here are the specifics.

NHAI Removes Paytm FASTag: Impact and Deadline Extension

The NHAI's decision to remove Paytm Payments Bank Ltd (PPBL) from its list of authorized banks for FASTag services has significant implications for users. Citing regulatory concerns over alleged rule violations, NHAI's move necessitates action from millions of Paytm FASTag users. As Paytm FASTags will cease operational after March 15, users must procure new Radio Frequency Identification (RFID) stickers from alternative banks to ensure seamless toll payments.

Paytm Payments Bank Ban Deadline Extention

The Reserve Bank of India (RBI) has extended the Paytm Payments Bank services deadline until March 15. This extension allows users to continue transactions, including deposits, credit services, prepaid services, wallets, FASTags, and National Common Mobility Cards, until the revised deadline. However, after March 15, these services will no longer be accessible. Therefore, users of Paytm Payments Bank are advised to take proactive measures, such as withdrawing funds or closing accounts, before the extended deadline.

Authorized Banks for FASTag services

Given NHAI's decision, users must transition to alternative banks authorized for FASTag services. The updated list of authorized banks includes Airtel Payments Bank, Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India. This ensures continued access to FASTag services, enabling users to adhere to toll payment requirements effectively. Transitioning to these authorized banks before the deadline is crucial to avoid disruptions in toll payments and ensure uninterrupted highway travel.