Image Source : PTI (FILE) FASTag
The Indian Highways Management Company Ltd (IHMCL), responsible for toll collection on highways, has advised travellers to purchase FASTags from 32 authorised banks, excluding Paytm Payments Bank (PPBL) for seamless travel. The list of authorised banks includes Airtel Payments Bank, HDFC Bank, ICICI Bank, and the State Bank of India, among others.
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.
The RBI has released a list of 30 FAQs to assist PPBL customers and the public. It clarifies that while FASTags from PPBL can still be used for toll payments, no further funding or top-ups will be permitted after March 15, 2024. The RBI also emphasises the necessity for individuals to obtain a new FASTag from another bank before the deadline to avoid inconvenience.
Regarding balance transfer, the RBI states that it is not feasible within the FASTag product. Therefore, customers must close their existing FASTag issued by PPBL and request a refund from the bank.
Furthermore, the RBI assures that PPBL customers can withdraw or utilise their balances from various accounts, including savings and current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, without any restrictions, even beyond March 15.
The IHMCL encourages FASTag users to complete the ‘Know Your Customer’ (KYC) process for their latest FASTags as per RBI guidelines. FASTag, an electronic toll collection system operated by the NHAI, utilises Radio Frequency Identification (RFID) technology to enable toll payments directly from linked bank accounts.
