The National Highway Authority of India (NHAI) removed Paytm Payments Bank Ltd (PPBL) from its approved list of FASTag providers. At present, there are 32 banks on the approved list for FASTag issuance. NHAI recommends users to obtain FASTags from these banks.
RBI which has extended the deadline for PPBL from February 29 to March 15 has notified that customers will no longer be allowed to make additional deposits, credit transactions, or top-ups in their accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc., after March 15, 2024.
Also Read: RBI issues FAQs following action on Paytm Payments Bank; here are all your questions answered
NHAI manages the FASTag which is an electronic toll collection system implemented in India. FASTags are affixed to the windshields of vehicles and facilitate automatic deduction of toll charges as vehicles pass through toll plazas, eliminating the need for manual cash transactions.
While users will not be able to add deposits, Paytm has clarified on its website that there are no restrictions on withdrawing funds from existing balances, even after the deadline