Image Source : PTI (FILE) Vehicles pass through dedicated FASTag lanes at a toll plaza.
FASTags authorised banks: The National Highway Authority of India (NHAI) has updated the list of authorized banks and non-banking financial companies (NBFCs) which can issue FASTags. The revised list does not include Paytm Payments Bank has been removed from the list of authorised banks for FASTags. The list of authorised banks includes Airtel Payments Bank, HDFC Bank, ICICI Bank, and the State Bank of India, among others.
The Reserve Bank of India (RBI) has prohibited Paytm Payments Bank Ltd (PPBL) from conducting certain operations, including those related to FASTags, due to non-compliance and supervisory concerns. Earlier in January, the RBI had advised customers as well as merchants of PPBL to shift their accounts to other banks by March 15.
The Indian Highways Management Company Ltd (IHMCL), responsible for toll collection on highways, has also advised travellers to purchase FASTags from authorised banks, excluding Paytm Payments Bank (PPBL) for seamless travel.
As of March 15, 2024, FASTags issued by Paytm Payments Bank will no longer support top-up or recharge functionalities. However, according to the Reserve Bank of India (RBI), travellers can still use their existing FASTags to pay tolls until the available balance is exhausted. Additionally, the RBI has instructed PPBL customers and merchants to transition their accounts to other banks by the same date, providing a 15-day extension to PPBL to wind down its operations.
Full list of authorised banks/NBFCs
Airtel Payments Bank
Allahabad Bank
AU Small Finance Bank
Axis Bank Ltd
Bandhan Bank
Bank of Baroda
Bank of Maharashtra
Canara Bank
Central Bank of India
City Union Bank Ltd
Cosmos Bank
Dombivli Nagari Sahakari Bank
Equitas Small Finance Bank
Federal Bank
Fino Payment Bank
HDFC Bank
ICICI Bank
IDFC First Bank
Indian Bank
Indian Overseas Bank
IndusInd Bank
J&K Bank
Karnataka Bank
Karur Vysya Bank
Kotak Mahindra Bank
LivQuik Technology Pvt Ltd
Nagpur Nagarik Sahakari Bank Ltd
Punjab Maharashtra Bank
Punjab National Bank
Saraswat Bank
South Indian Bank
State Bank of India
Syndicate Bank
The Jalgaon People’s Co-op Bank
Thrissur District Cooperative Bank
UCO Bank
Yes Bank
What are the benefits of using FASTag?
Ease of payment – No need to carry cash for the toll transactions, saves time.
Online Recharge – Tag can be recharged online through MyFASTag App along with
Debit Card / NEFT/ RTGS or Net banking through Payment Gateway
SMS alerts for toll transactions, low balance, etc
Online Portal for customers.
Also Read: GST rule change, FASTag deactivation among key financial changes in March 2024 | Check list
Also Read: Can you continue to use Paytm FASTag for toll payments? Check RBI FAQs for customers
