Paytm FASTag users should get new one by March 15, says NHAI
Vijay C Roy
Chandigarh, March 13
The National Highways Authority of India (NHAI) has advised Paytm FASTag users to obtain a new FASTag from another bank before March 15 to ensure a smooth travel experience and avoid inconvenience at toll plazas. This will help avoid penalties or double fee charges while commuting on national highways, reads an official statement.
RBI curbs on PPBL
- On January 31, the RBI imposed major curbs on Paytm Payments Bank Ltd (PPBL), including restrictions on accepting fresh deposits and credit transactions
- Paytm FASTag users will not be able to recharge or top-up the balance after March 15. However, they can use the existing balance to pay toll beyond the said date
The total number of FASTags issued in India is 8.47 crore till date. It is estimated that of the total number, over two crore tags have been issued by Paytm Payments Bank which will be impacted by the action.
8.47 cr FASTags in India
2 cr issued by Paytm
“In line with the guidelines issued by the Reserve Bank of India regarding restrictions on Paytm Payments Bank Ltd (PPBL), Paytm FASTag users will not be able to recharge or top-up the balance after March 15. However, they can use their existing balance to pay toll beyond the stipulated date,” the statement said.
Last month, NHAI took PPBL off its list of authorised banks for FASTag service due to regulatory issues.
The NHAI listed 32 payment banks, scheduled commercial and small finance banks, that are authorised for FASTag services, which Indian Highways Management Company Ltd manages. This includes prominent entities such as Airtel Payments Bank, Axis Bank, HDFC Bank, ICICI Bank, and SBI, among others.
Fastag is operational at over 750 toll plazas across India, streamlining toll collection processes and reducing travel time. According to the notification, for any further queries or assistance related to Paytm FASTag users can reach out to their respective banks or refer to the FAQs provided on the Indian Highways Management Company Ltd website.
