Paytm FASTag

After the RBI's ban on PPBL from onboarding new clients and its wallet services, customers have complained of issues in closing their PPBL-linked FASTag accounts

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, an official statement said on Wednesday. This will help avoid penalties or double fee charges while commuting on National Highways, as per the statement. Following the Reserve Bank of India's guidelines on restrictions concerning Paytm Payments Bank, the statement said Paytm FASTag users will no longer have the option to recharge or top-up their balance after March 15, 2024. However, they can continue to use the existing balance to pay tolls beyond the stipulated date, it added. NHAI also advised Paytm FASTag users to reach out to their respective banks or refer to the FAQs provided on the IHMCL (Indian Highway Management Company Limited) website.

Will tech companies follow Meta's lead on deepfake? Do nutritional supplements need better regulation? Are markets overvalued? How to deactivate and replace Paytm FASTag? All answers here

Paytm has seen its shares lose more than half of their value since the banking regulator's surprise clampdown amid concerns over the continuity of its business model

In the recently released FAQs, the RBI suggested users procure a new FASTag issued by a bank other than Paytm Payments Bank before March 15

The National Highway Authority of India's list contain a total of 30 payment banks, scheduled commercial and small finance banks, that are authorised for FASTag services

Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel. In a post on X, IHMCL said for hassle-free travel, buy your FASTag from 32 authorised banks. The 32 authorised 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 stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers anytime. The direction followed persistent non-compliances and continued material supervisory concerns, the central bank had said in a statement. IHMCL has said it is encouraging FASTag users to complete the 'Know Your Customer' (KYC) .

RBI Paytm Payments Bank news: After the ban announced on January 31, the shares of One97 Communications Ltd have fallen over 43% and are near their all-time low

The fintech company has been barred from accepting fresh deposits and carrying out credit transactions for consistently flouting RBI guidelines

Given the offer's aggressive pricing and the fact that One97 Communications, the parent company of Paytm, still remains a loss-making entity, most analysts had expected a sub-par listing

Paytm Payments Bank on Wednesday said it has become the first bank in the country to achieve the milestone of issuing 1 crore FASTags. According to NPCI, over 3.47 crore FASTags were issued by all banks together till the end of June 2021. Paytm Payments Bank (PPBL) now has close to 28 per cent share as FASTag issuer bank, it said. "In the last 6 months alone, PPBL has equipped over 40 lakh commercial & private vehicles with FASTags. "Besides this, Paytm Payments Bank is also India's largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program offering an interoperable nationwide toll payment solution," it said in a statement. According to PPBL, 280 out of the total 851 toll plazas across the national and state highways are now using its payment gateway to collect toll charges digitally. "Paytm Payments Bank is also working closely with NHAI for testing and implementing multi-lane free-flow movement using automatic number plate recognition ...

Has now enabled cashless toll payments across 250 plazas in the country

The National Highways Authority of India (NHAI) started electronic toll collection through RFID-based FASTags on its 523 toll plazas across the country from December 15 for seamless flow of traffic

From December 15, 2019 FASTag will be mandatory. If FASTag is missing from your vehicle, the driver will have to pay double the toll tax

Last month, the govt had said from December 1 it would be mandatory for automobile manufacturers or authorised dealers to fix FASTag devices on the windscreens of all new four-wheelers