Paytm Removed From NHAI List For FASTag Payments: List Of Banks That Are Still Authorised

The National Highways Authority of India (NHAI) has taken Paytm Payments Bank Ltd (PPBL) off of the list of payments for FASTag and its services. Paytm FASTag payments will become fully invalid starting from February 29, 2024. Check

out the complete details here.

What Does It Mean For Paytm Users?

Paytm is one of the most used payment methods for millions of Indians. In a country where about twenty million people have been using the Paytm FASTag services, the users will have to get an RFID (radio frequency identification) sticker. While around seventy million people use FASTag, Paytm claims that it has a 30 per cent market share in the business.

Paytm was the government’s favourite way of promoting demonetisation in 2016 after ₹500 and ₹1000 currency were banned. However, in the current scenario where Paytm has faced backlashes with the Reserve Bank Of India (RBI), the fate of the UPI company is doomed. On January 31, 2024, the RBI released a statement announcing that Paytm will be invalid for payments for many services including FASTag.

RBI released a press release today, February 16, 2024, “No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited anytime.

((ii) Withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc. are to be permitted without any restrictions, upto their available balance (no change).”

Don't Miss:HerZindagi's New Move To Put Up A Paywall, All Your Queries Answered Here

List Of Authorised Banks With FASTag

While Paytm has been banned for making FASTag payments, Indian Highways (Longest Highways In India) Management Company (IHMCL) has informed about payment using thirty-two banks that are still authorised. Here is the list of all the banks that you can still use to make transactions for FASTag services.

• State Bank of India
• ICICI Bank
• Airtel Payments Bank
• HDFC Bank
• Fino Payments Bank
• IDBI Bank
• IDFC Bank
• Indian Bank
• Jammu and Kashmir Bank
• Induslnd bank
• Kotak Mahindra Bank
• Karnataka Bank
• Karur Vysya Bank
• Nagpur Nagarik Sahakari Bank
• Punjab National Bank
• Saraswat Bank
• Union Bank of India
• YES Bank
• Thrissur District Cooperative Bank (Tips To Make Most Of Bank Account)
• UCO Bank
• Axis Bank
• AU Small Finance Bank
• Bank of Maharashtra
• Canara Bank
• Cosmos Bank
• Bandhan Bank
• Bank of Baroda
• Federal Bank
• Equitas Small Finance Bank
• Indian Overseas Bank
• South Indian Bank
• City Union Bank

Don't Miss:Money Matters: All You Need To Know About Portfolio Investment Scheme For NRIs And Its Benefits

If you liked this story, stay tuned to HerZindagi for more!

Your opinion matters to us! Take a moment to fill out our reader survey, it will help us gain a better understanding of your preferences. Click here.