The National Highways Authority of India (NHAI) has issued an advisory urging Paytm FASTag users to switch to other banks by Friday, March 15, 2024. This move is part of an effort to ensure seamless travel and avoid inconvenience at toll plazas.
The advisory comes in the wake of guidelines set by the Reserve Bank of India (RBI) imposing restrictions on Paytm Payments Bank. As a result, users will not be able to recharge or top-up their Paytm FASTag balances after the aforementioned date. However, they can still use their existing balances for toll payments beyond this date.
NHAI has underscored the importance of taking proactive measures to ensure hassle-free travel on National Highways across the country. For any inquiries or assistance concerning Paytm FASTag, users are advised to contact their respective banks or refer to the FAQs available on the IHMCL website.
Earlier, NHAI released an updated list of banks and financial companies authorised to issue FASTags. The revised list, which does not include Paytm Payments Bank Ltd (PPBL), now features 39 entities such as Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Yes Bank, among others.
The update aims to offer vehicle owners more options and facilitate a smooth transition to the electronic toll collection system. Existing Paytm FASTag holders are advised to request a refund of their security deposit from the company by contacting Paytm FASTag customer service, selecting the option to permanently remove the FASTag, and following the closure process, which includes removing the FASTag from the vehicle’s windscreen and uploading a photo on the Paytm app.
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