Freeway Toll Collector IHMCL Removes Paytm Funds Financial institution From Record Of Banks Authorised To Difficulty FASTag

New Delhi : Indian Highways Administration Firm Ltd (IHMCL), toll accumulating arm of state-owned NHAI, has suggested freeway customers to purchase FASTags from 32 authorised banks sans Paytm Funds Financial institution for hassle-free journey.
In a submit on X, IHMCL mentioned for hassle-free journey, purchase your FASTag from 32 authorised banks.
The 32 authorised banks embody Airtel Funds Financial institution, Allahabad Financial institution, Financial institution of Baroda, HDFC Financial institution, ICICI Financial institution, IDBI Financial institution, Punjab Nationwide Financial institution, State Financial institution of India, and Sure Financial institution, amongst others.
A senior NHAI official informed PTI that India has over 8 crore FASTag customers and Paytm Funds Financial institution (PPBL) has round 30 per cent market share.
Earlier, IHMCL in a letter dated January 19, 2024 had barred Paytm Funds Financial institution from issuing contemporary FASTags.
On January 31, the Reserve Financial institution directed Paytm Funds Financial institution (PPBL) to cease accepting deposits or top-ups in any buyer accounts, wallets, FASTTags and different devices after February 29.
Nevertheless, any curiosity, cashbacks, or refunds could also be credited again to clients anytime.
“No additional deposits or credit score transactions or top-ups shall be allowed in any buyer accounts, pay as you go devices, wallets, FASTags, NCMC playing cards, and so forth. after February 29, 2024, aside from any curiosity, cashbacks, or refunds which can be credited anytime,” the RBI mentioned.
Additional, withdrawal or utilisation of balances by its clients from their accounts, together with financial savings financial institution accounts, present accounts, pay as you go devices, FASTags, and Nationwide Frequent Mobility Playing cards are to be permitted with none restrictions, as much as their out there steadiness.
“No different banking providers, aside from these …like fund transfers (no matter identify and nature of providers like AEPS, IMPS, and so forth), BBPOU and UPI facility must be offered by the financial institution after February 29, 2024,” it had added.
The route adopted persistent non-compliances and continued materials supervisory considerations, the central financial institution had mentioned in a press release.
IHMCL has mentioned it’s encouraging FASTag customers to finish the ‘Know Your Buyer’ (KYC) strategy of their newest FASTag as per RBI pointers.
The banks authorised for issuing FASTags additionally embody Union Financial institution of India, Thrissur District Cooperative Financial institution, South Indian Financial institution, Saraswat Financial institution, Nagpur Nagrik Sahkari Financial institution, Kotak Mahindra Financial institution, Karur Vyasya Financial institution, J&Ok Financial institution, IndusInd Financial institution, Indian Financial institution, IDFC First Financial institution, FINO Financial institution, Equitable Small Finance Financial institution, Cosmos Financial institution, Metropolis Union Financial institution Ltd, Central Financial institution of India, Canara Financial institution, Financial institution of Maharashtra, AU Small Finance Financial institution, and Axis Financial institution.
FASTag is an digital toll assortment system in India operated by the NHAI. It employs Radio Frequency Identification (RFID) expertise for permitting toll funds immediately from the linked financial institution accounts. (Businesses)