Indian Highways Management Company Ltd (IHMCL), the toll collection arm of state-owned NHAI, has recommended highway users to purchase FASTags from 32 recognized banks other than Paytm Payments Bank for hassle-free travel.
In a post on X, IHMCL stated that for hassle-free travel, purchase your FASTag from one of 32 authorized banks.
The 32 authorized banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.
On January 31, the Reserve Bank directed Paytm Payments Bank (PPBL) to discontinue taking deposits or top-ups in user accounts, wallets, FASTTags, and other instruments after February 29.
Customers can, however, have any interest, cashbacks, or refunds credited to their accounts at any time.
The direction was issued in response to repeated noncompliance and ongoing material supervisory concerns, according to a statement from the central bank.
IHMCL has said that it encourages FASTag users to complete the 'Know Your Customer' (KYC) process for their latest FASTag in accordance with RBI rules.
With a 98% penetration rate and over 8 crore users, FASTags, which use radio frequency identification (RFID) technology, allow users to pay highway tolls directly from their associated bank accounts.
