NHAI removes Paytm Payment Bank from list of authorised banks for FASTag
Upstox
1 min read • Updated: February 16, 2024, 1:23 PM
Summary
NHAI has advised highway users to buy FASTags from 32 authorised banks, which includes several private and public banks like ICICI Bank, Bank of Baroda, SBI, Punjab National Bank and others for hassle-free highway travel.
The toll collecting arm of National Highways Authority of India (NHAI) has removed Paytm Payments Bank from its list of authorised banks for FASTag services as the company faces RBI’s regulatory action.
NHAI has advised highway users to buy FASTags from 32 authorised banks, which include several private and public banks like ICICI Bank, Bank of Baroda, SBI, Punjab National Bank and others for hassle-free highway travel.
Last month, RBI directed Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after 29 February amid non-compliance issues.
As per reports, India has more than eight crore FASTag users, and Paytm has a market share of around 30% in this segment.
FASTag is an electronic tag attached to the vehicle's windshield and linked to your bank account or a prepaid card. These tags are used for toll payments on highways.
Meanwhile, Paytm share gained 5% today, with a day high of ₹341.3 per share, rebounding from a three-day losing streak. So far this month, the company's shares are down over 55%